Commodity News
HeadLine : Gold Rides Apple Warning to Reclaim $1,600
Date : Feb 19 2020
Gold broke through the $1,600 ceiling Tuesday after a revenue warning from Apple (NASDAQ:AAPL) saw funds flee from risk and into safe havens. Palladium, meanwhile, returned to record highs after more than a month’s break, as fresh worries about short supplies in the auto-catalyst metal drove prices to new peaks. The $1,600 milestone achieved by both bullion and futures of gold capped six weeks of attempts by gold bugs to return to the perch last hit when U.S.-Iran tensions spiked. Gold futures for April delivery on New York’s COMEX settled Friday’s trade settled up $17.620, or 1.1%, at $1,603 per ounce. The session high was $1,608.15, a peak not seen by COMEX gold since Jan. 8. Stocks and other risk assets fell as U.S. markets reopened from the President’s Day holiday, amid Apple’s warning that the Covid-19 outbreak will prevent it from meeting its Q2 revenue forecasts due to production and sales slides in China, the manufacturing hub and second-biggest market for iPhones.

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