Login ID:
Partner Login
Contact Us : 7066511911

Comex Gold Near 7-Yr Top On Lingering Fear Of Damage To Virus-Struck Chinese Economy

21 Feb 2020 9:27 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Gold prices held steady at a near seven-year high on Friday as nervous investors opted for safe haven assets amid fears about the economic damage from China's coronavirus epidemic that eclipsed Beijing's stimulus efforts.

Spot gold was little changed at $1,619.33 per ounce by 0108 GMT. In the previous session, bullion prices had hit a seven-year high at $1,623.45.

U.S. gold futures were up 0.1% to $1,622.60. Silver was flat at $18.36.

Daegu, a city of 2.5 million people in South Korea, has become the latest victim of the virus outside China. The country now has 104 confirmed cases of the flu-like virus and reported its first death.

The epidemic, which has disrupted China's economic growth and further spread to other countries, could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday.

Asian shares fell on Friday as worries about the coronavirus' spread in Korea, Japan and Beijing drove investors to safe-havens such as the dollar, lifting it to three-year highs.

Beijing cut the benchmark lending rate on Thursday and is likely to roll out more measures to support an economy jolted by the virus.

The U.S. government expects China to honor its commitments to buy more U.S. goods under a trade deal signed by the world's two largest economies in January, a senior U.S. official said on Thursday.

Economic data on Thursday showed factory activity in the U.S. mid-Atlantic region expanded more than expected in February, while the number of Americans filing for unemployment benefits rose modestly last week.

Russia's gold reserves stood at 73.2 million troy ounces as of the start of February.

Switzerland exported 87.7 tonnes of gold in January as a rebound in shipments to Hong Kong offset lower exports to mainland China and India.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.25% to 933.94 tonnes on Thursday.

(Commodities Control Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Comex Gold Cools Off On Profit Taking; Gained Over 8% ...
Precious Metals Silver (May 20) Approaching Short-...
Precious Metals Gold (COMEX) Retesting a Key Resist...
Precious Metals Silver (May 20) Short-Covering Ral...
Precious Metals Gold (COMEX) Bullish Development / ...
Top 5 News
Balance Stock Of Pulses Under PSS With NAFED As On 26 M...
Edible Oil Discharge At Indian Port Slows Due To Lockdo...
Govt Fixes Sugar Sale Quota At 18 Lakh Tonnes For April...
ICE Raw Sugar Slips On Weaker Global Consumption Estim...
CBoT Soybean Settles Up For 2nd Consecutive Week Buoyed...
Top 5 Special Reports
USD/INR (Mar. 20) Loss of Upside Momentum Triggers a...
USD/INR (Mar. 20) Trending Higher / Next Potential R...
USD/INR (Mar. 20) Trending Higher / Next Potential R...
USD/INR (Mar. 20) Short-term Extended / Book Profits...
Copyright © CC Commodity Info Services LLP. All rights reserved.