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Comex Gold Nears 7-Yr High On Virus Impact; SPDR Gold Holdings Over 3-Yr Peak

19 Feb 2020 7:31 pm
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Mumbai (Commodities Control) - Gold climbed towards a seven-year peak on Wednesday as concerns over the global economic impact of the coronavirus epidemic boosted safe-haven interest.

Spot gold rose 0.6% to $1,610.75 per ounce by 1116 GMT. The metal jumped to $1,610.80 earlier, its highest since Jan. 8, when gold hit its highest in nearly seven years. U.S. gold futures rose 0.7% to $1,614. Silver gained 1.2% to $18.37, having earlier hit a more than one-month high at $18.39.

"We're still concerned that the recovery of economic activity might take a little bit longer in China," Julius Baer analyst Carsten Menke said.

"On the ground, the impact seems to be stronger than what's currently reflected in the stock markets. Gold investors are taking a closer look at these developments. That's why prices are higher." Bullion held firm even as European shares hit a fresh record high on a decline in new cases of coronavirus in China, and as the dollar rose to a more than four-month high against rivals.

Markets were alarmed on Tuesday after iPhone maker Apple Inc warned that its sales might fall because of slow ramp-ups in manufacturing facilities in China.

Gold in euros hit an all-time peak of 1,493.09 euros per ounce.

Investors were awaiting the minutes of the Federal Reserve's Jan. 28-29 policy meeting, due at 1900 GMT. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

Indicative of investor sentiment, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.6% to 929.84 tonnes on Tuesday, their highest since Nov. 11, 2016.

(Commodities Control Bureau)

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