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Gold jumps on demand for safe havens driven by virus fears

US, WASHINGTON (NEWS OBSERVATORY) — Gold rose to a one-week high on Monday as demand for the mineral, which is a safe haven, surged due to concerns over the worsening economic impact caused by the Corona virus pandemic.

And gold rose in instant transactions 0.6 percent to 1626.08 dollars an ounce by 0736 GMT, after rising by up to 0.8 percent in the previous session. US gold futures rose 0.6 percent to $ 1,655.10.

The yellow metal jumped to a peak of more than a week despite the rise in the dollar and gains in Asian stocks.

“From a long-term viewpoint, gold will remain the preferred asset, as the environment for low interest rates and the global slowdown caused by the virus will support a long-lasting rise,” said Sugandha Sachdeva, vice president of metals, energy and currency research at Religare Brokerage.

Regarding other precious metals, palladium used in car exhaust systems fell 0.3 percent to $ 2,181.25 an ounce, after recording a drop of more than one percent in early trading.

And platinum increased 1.6 percent to 731.78 dollars, while silver rose 0.9 percent to 14.52 dollars an ounce.

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Article is written and prepared by our foreign editors from different countries around the world – material edited and published by News Observatory staff in our US newsroom.