The fear factor across markets is like manna from heaven for gold bugs.
Both bullion and futures of the yellow metal breached the key $1,580 per ounce resistance on Monday before consolidating gains, although analysts said the $1,600 target seemed well within the market™s reach.
Gold futures for February delivery on New York™s COMEX settled up $5.50, or 0.4%, at $1,577.40 per ounce. It earlier reached $1,588.10, a peak since Jan. 8.
Spot gold, which tracks live trades in bullion, was up...
Spot gold jumped as much as 1.1% to $1,588.68/oz as investors sought a haven amid growing fears over the spread of the coronavirus around the world.
Trades 0.7% higher at $1,582.96 at 7:54am in Singapore; rose 0.9% last week.
Stock futures and crude oil tumble as investors are spooked by the impact of the virus; Treasury futures climb.
Source : Bloomberg
Oil tumbled as the market opened in Asia on fears China's deadly coronavirus will crimp energy demand, prompting Saudi Arabia to say it was closely monitoring the situation.
Futures in London and New York plunged more than 3% in early trading as the death toll from the outbreak in China rose and as officials extended the Lunar New Year holiday to help stem the spread of the outbreak. While Goldman Sachs Group Inc. predicted last week that global oil demand may take a hit, Saudi...
Gold is once again showcasing its long-standing reputation as an effective haven in troubled times, trading near the highest close in more than six years amid rising concern over the economic and human impact of China's deadly coronavirus.
Prices steadied after surging Monday as investors weighed the fallout from the spread of the disease, with Germany reportedly seeing its first case. The virus has killed at least 80, and infected more than 2,700. China's markets...
Gold is well supported and has room to run higher this week as analysts point to the Federal Reserve meeting and the spread of the new corona virus as the two key issues to keep an eye on.
The yellow metal battled against risk-on sentiment last week but managed to hold above $1,550 an ounce level and even rise about 0.8% on the week. February Comex gold futures were last trading at $1,572.40, up 0.45% on the day.
This week, analysts are keeping a close eye on the Federal Reserve interest...