09.03.2020 Gold Analysis
Gold Prices traded higher than expected nearly reaching $1,700 per ounce an increase of 1.6% on Monday morning in Asia, this is the highest the yellow metal
Yayınlanma: 10 Mart 2020 00:31
Güncellenme: 22 Nisan 2024 06:26
09.03.2020 Gold Analysis
Gold Prices traded higher than expected nearly reaching $1,700 per ounce an increase of 1.6% on Monday morning in Asia, this is the highest the yellow metal has been since 2012. The jump was due to coronavirus outbreak and the plunge on crude oil which decreased equities and sent investors running towards the yellow metal because it’s still the highest commodity to be a safe haven in the financial market.
Key Points:
Spot gold rose 1.5% to $1,699.20 per ounce by 0054 GMT; having touched its highest since December 2012 at $1,702.45 earlier in the session.
Asian equities sank as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
The price of futures contracts for the S&P 500 index, a Wall Street benchmark, fell more than 4% on Sunday as off-hours trading for U.S. equity markets resumed.
