Gold climbed for a fourth day as investors weighed the unfolding coronavirus crisis, including a stark warning from the head of the World Health Organization about the potential for more cases beyond China and signs the disease is spreading in the key Asian trading hub of Singapore.
Prices rose as the death toll from the outbreak topped 900 and WHO Director-General Tedros Adhanom Ghebreyesus voiced concern over the spread from people with no travel history to China, saying “we may only be seeing the tip of the iceberg.” In Singapore, there are two confirmed cases in the central business district, according to a building manager and separate company.
Bullion’s trading near the highest since 2013 as investors assess the impact of the disease on global growth and appetite for risk, although concerns over weaker physical demand for gold in China is capping gains. The effects of the virus have presented a “new risk” to the outlook, according to the Federal Reserve, and the issue will probably be front and center when Chairman Jerome Powell kicks off two days of Congressional testimony on Tuesday.
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