US ban of travel from Europe prompts traders to sell the metal to fund margin calls
Bengaluru — Gold inched up on Thursday on worries about the economic effect of the coronavirus outbreak as the US suspended travel from virus-hit Europe, though gains were capped as traders covered margin calls after a plunge in equities.
The travel ban “is a big surprise and a big shock to the market” and shows that investors are yet to see the full financial fallout from the coronavirus outbreak, said IG Markets analyst Kyle Rodda. The World Health Organisation on Wednesday described the new coronavirus as a pandemic, adding that Italy and Iran were now on the front line of the disease — more than 126,000 people have been infected globally.
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