Metal is benefiting from the rush towards safe-haven assets after the US warned Americans about the domestic spread of the coronavirus
Bengaluru — Gold edged higher on Wednesday after a sharp drop in the previous session, as investors sought safe-haven assets following a warning from the US over the potential domestic spread of the coronavirus.
On Monday, prices touched $1,688.66, their highest in more than seven years. US gold futures eased 0.5% to $1,641.80. The US alerted Americans on Tuesday to begin preparing for the spread of coronavirus in the country as outbreaks in Iran, South Korea and Italy escalated. “The market is finding it difficult to look further into the medium term due to uncertainty regarding what the virus will do to the global growth. There are beliefs that central banks may cut rates sooner than later,” Rodda said.
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