Shares and oil lose ground as investors head for safety of gold amid rising number of coronavirus cases outside China
Global share markets and oil fell on Monday, safe-haven gold surged and US treasury yields reached their lowest since mid-2016, as coronavirus cases spread outside China, darkening the outlook for world growth.
The flight to safety was just as resounding. Gold surged 2.5% to a seven-year high of $1,680/oz, taking its gains for the year past 10%. In Asia, South Korea’s Kopsi slumped 3.9% after the government declared a high alert. The number of infections jumped to 763 and deaths rose to seven. The virus has now killed 2,592 people in China, which has reported 77,150 cases, and spread to some 28 other countries and territories, with a death toll outside China about two dozen, according to a Reuters tally.
As investors wagered central banks would step in with policy stimulus to support economic growth, US fed fund futures signalled more rate cuts later in 2020 and a near 20% chance of a cut in March.
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