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Gold Prices Near 6Year Peak as Virus Unrest Fuels Market

Gold prices touched the highest level on Monday, registering almost six-year high, as worries over the economic impact of a fast-spreading viral outbreak affected the investor sentiment for stocks and propelled buying in assets considered as safe-havens.

gold prices gainPhoto: Flickr

Reportedly, the Wuhan originated virus infested around 3,000 people, with at least 80 resulting in death. China. Meantime in the U.S. were registered five, as Centers for Disease Control and Prevention reported.

The demand for harbor assets increased, with gold futures with delivery in February jumping by 0.47 percent, to reach $1,581.50 per troy ounce at 1538 GMT with an intraday peak of $1,588.40 per ounce, after gaining almost 0.7 percent on Friday.

Gains for bullion are buoying the yellow metal to reach its highest closing level since 2013, as it followed from the FactSet data.

March silver futures rose by 0.40 percent, to $18.20 per ounce, paving the way to push the commodity towards the highest close in about 3 weeks.

One should mention, that despite the fact the gold rates rose, while the dollar index, which usually tended to move in an opposite direction, also grew against its main 6 rivals by 0.11 percent, to 97,96 at 1558 GMT.

Source: Marketwatch


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