Gold is heading for biggest weekly gain since 2011, burnishing its credentials as an effective haven. FMTNews Gold Covid19 Coronavirus
LONDON: Gold is heading for the biggest weekly gain since 2011, burnishing its credentials as an effective haven, as fearful investors struggle to assess the impact of the expanding global health crisis.
The precious metal is one of the standout winners from the outbreak, with Goldman Sachs Group Inc saying the commodity “has immunity to the virus.” “There is definitely scope for gold to test US$1,700, although maybe it is a bridge too far this week, unless we get a shocking non-farm payrolls,” said Jeffrey Halley, senior market analyst at Oanda Corp, referring to the US jobs data that are due later Friday.Gold rose 0.4% to US$1,678.10 an ounce an at 5.23am in London, after rallying as much as 2.3% on Thursday. A break above $1,689.31 — the intraday peak set last month — would be the highest since 2013.
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