Gold gains as stocks lose steam on surge in virus

cases

Gold rose on Thursday as a surge in the number of new coronavirus cases in China dashed hopes the epidemic

was slowing and drove investors to safe-haven assets.

Spot gold was up 0.6 per cent to $1,574.66 per ounce at 0806 GMT. US gold futures gained 0.4 per cent to

$1,577.90.

“The unfortunate increase in number of cases in the Hubei province, which is ground zero … has affected risk-on

sentiment,” said John Sharma, an economist at National Australia Bank (NAB).


Hubei reported 242 new deaths and confirmed 14,840 new cases as of Wednesday, a dramatic rise from the

2,015 new cases a day earlier.

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