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| Commodity News |
| HeadLine : |
Gold Caught In Coronavirus Cross-Current |
| Date : |
Jan 23 2020 |
Investors in gold are undecided about the coronavirus, with early indications that it could hurt bullion demand in China as much as boost safe-haven buying. So, the yellow metal dipped again Wednesday, while palladium rebounded, making a new record high in futures trade. Gold futures for February delivery on New York’s COMEX settled down $1.20 at $1,556.70 per ounce. Increasing the potential deflationary impact of the new virus is the fact that the Chinese New Year celebrations start this coming weekend and that usually results in roughly 300 million people traveling inside China, and reducing that dramatically would remove a tremendous annual stimulus for the Chinese economy. Palladium futures rose $129, or 5.6%, to $2,361.70. It hit a record high of $2,363.40 earlier amid worries of tightening supplies out of South Africa and Russia. Palladium futures are up nearly 27% in the three weeks since 2020 began.
Source: Investing.com
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