Gold Prices Extend Gains Amid Safe-Haven Demand

Gold prices gained on Monday in Asia as traders seek safe-haven from escalating virus fears.

Gold Futures for April delivery gained 0.9% to $1,664.15 by 12:58 AM ET (04:58 GMT). The yellow metal gained 3.8% last week, hitting its 7-year highs.

Citigroup said that it expects gold to hit $1,700 in the next six to 12 months and $2,000 in the next 12 to 24 months.

Gold will “outperform on a risk market unwind should coronavirus risks impact supply chains and thus U.S. earnings momentum,” Citigroup’s precious metals analysts led by Ed Morse said.

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