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Gold holds above $1,600 on fears over economic
impact of virus
Gold prices held steady above the key $1,600 mark on Wednesday as an uptick in equities due to a drop in new virus cases was offset by fears of an economic fallout from the epidemic. Autocatalyst metal palladium, meanwhile, scaled yet another record peak on a sustained supply shortfall.Spot gold was little changed at $1,602.78 per ounce by 0546 GMT, having surged to its highest since Jan. 8 at $1,605.10 in the previous session.US gold futures were up 0.1 per cent at $1,605.60.
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Gold holds above $1,600 on fears over economic
impact of virus
Gold prices held steady above the key $1,600 mark on Wednesday as an uptick in equities due to a drop in new virus
cases was offset by fears of an economic fallout from the epidemic.
Autocatalyst metal palladium, meanwhile, scaled yet another record peak on a sustained supply shortfall.
Spot gold was little changed at $1,602.78 per ounce by 0546 GMT, having surged to its highest since Jan. 8 at
$1,605.10 in the previous session.
US gold futures were up 0.1 per cent at $1,605.60.
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Investment is Subject To Market Risk
TOKYO (Reuters) – Oil prices rose on Wednesday, with Brent gaining a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market.
Brent crude (LCOc1) was up by 51 cents, or 0.9%, at $58.26 a barrel by 0732 GMT, while U.S. oil (CLc1) was up 55 cents, or 1.1%, at $52.60 a barrel.
China is still struggling to get manufacturing going again in the world’s second-largest economy, after imposing stringent city lockdowns and travel restrictions to contain the virus that has now killed more than 2,000 people, but investors remain optimistic that the economic fallout may be short-lived.
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