CoVid19 outbreak is pushing gold up again

by **Ponee** Sat Mar 21, 2020 9:26 pm

Gold prices rose to their highest levels in two weeks, Tuesday, stimulated by the demand for safe havens after a warning from Apple about revenue, highlighting the financial implications of the Corona virus in China.

The spot price of gold was up 0.4% to $ 1586.93 an ounce. Earlier in the session, the metal touched its peak since February 3 at $ 1587.40.

US gold futures advanced 0.2% to $ 1,590.

"The Asia-Pacific markets have opened up to a broad decline," said Margaret Yang Yan, market analyst at CMC Markets. Investors are currently deeply concerned about the economic impact of the Corona virus, as well as its impact on corporate confidence and consumer demand. ”

Apple has lowered its first-quarter revenue forecasts due to Chinese disruptions caused by the virus and reduced demand from the Chinese market, which, according to Margaret, has led to risk aversion.

Apple is one of the largest western companies that will be negatively affected by the outbreak.

In other precious metals, palladium settled at $ 2522.79 an ounce in spot trading, after approaching a month's peak of $ 2538.25 earlier in the session.

Silver increased 0.6% to $ 17.86, while platinum rose 0.5%, to record $ 973.49 an ounce. 25 h has ended