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Gold jumps more than 2% thanks to demand due to the spread of coronavirus

UNITED STATES (OBSERVATORY NEWS) — Gold rose more than two percent on Monday to its highest level since February 2013, as the high incidence of coronavirus infection in several countries other than China exacerbated fears of global economic growth, which stimulated demand for the yellow metal, which is considered a safe haven.

And gold rose in immediate transactions 1.2 percent to 1663.06 dollars an ounce by 0517 GMT and had recorded earlier in the session 1678.58 dollars. In futures trading in the United States, gold rose one percent to 1665 dollars.

Global stocks extended their losses as concerns grew about the spread of the disease outside China and a sharp increase in infections in Italy and Iran. While South Korea announced raising the level of preparedness for infectious diseases to its highest levels.

The World Health Organization expressed concern about the increasing incidence of cases without a clear link to China.

As for other safe havens, the US dollar rose as ten-year Treasury yields hovered near their lowest levels since early September.

The Japanese Yen moved further away from its lowest levels since April 2019 against the US currency.

For other precious metals, palladium increased 0.3 percent to $ 2711.81 an ounce, silver rose 1.1 percent to $ 18.67 an ounce, while platinum fell 0.3 percent to $ 970.36 an ounce.

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