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| Commodity News |
| HeadLine : |
Gold jumps past $1,700 level for first time in seven years on virus fears |
| Date : |
Mar 9 2020 |
Gold prices jumped past the $1,700 per ounce level for the first time since late 2012 on Monday, as a widening coronavirus outbreak and a plunge in crude oil hammered equities and sent investors scurrying for safe havens. Spot gold XAU= rose 1.5% to $1,699.20 per ounce, having touched its highest since December 2012 at $1,702.45 earlier in the session. U.S. gold futures GCv1 jumped 1.6% to $1,699.70 per ounce. Asian equities sank as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price. The price of futures contracts for the S&P 500 index, a Wall Street benchmark, fell more than 4% on Sunday as off-hours trading for U.S. equity markets resumed. Japan’s economy shrank faster than initially estimated in the fourth quarter on a bigger decline in business spending, data showed, casting a deeper shadow over the outlook as the virus hit production and heightened recession risks. China’s exports contracted sharply in the first two months of the year while imports declined, data showed on Saturday, as the health crisis triggered by the outbreak caused massive disruptions to business operations, global supply chains and economic activity.
Source : Reuters
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