Gold prices are solidly up, hit a five-week high and are trading at session highs above $1,600.00 an ounce in late-morning action Tuesday. The yellow metal is catching a good safe-haven bid as the U.S. stock market is selling off and is at daily lows amid increasing concerns regarding the coronavirus outbreak significantly denting global economic growth. April gold was last up $19.40 at $1,605.90.
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GOLD PRICES rose against most major currencies and set new all-time Euro records in London on Thursday, trading higher as world stock markets fell following a spike in new Covid-19 infections reported in China.
So far killing 1,368 out of more than 59,000 people infected in China, coronavirus was yesterday confirmed in more than 15,000 new patients, the National Health Commission said, more than 7 times the two-week low reported for Tuesday, thanks to a change in diagnosis methods.
The politburo of President Xi in...Read more
The juggernaut gold market is making its presence felt in currency markets as it hits new record highs against the euro and Japanese yen.
According to some market analysts, the new highs in gold against two major currencies is a further sign of gold's growing investment appeal as a safe-haven asset.
As a non-yielding asset, gold's opportunity costs look attractive as the Germany 10-year yield currently trades around minus 40 basis points. Meanwhile, Japan's 10-year bond offers a negative yield of three basis points.
Marc Chandler, managing director at Bannockburn Global...Read more
The palladium market was in a supply/demand deficit of more than 1 million ounces in 2019, and the shortage is expected to be even worse in 2020, said Johnson Matthey Wednesday in a report on the platinum group metals.
Meanwhile, sister metal platinum was in a slight deficit last year, but may end up in a surplus in 2020 unless there is substantial investment demand for the metal, Johnson Matthey said.
Palladium prices rose sharply in 2019 and are up again in 2020. Analysts generally have cited strong auto-catalyst...Read more
Gold and silver prices are modestly up in early U.S. futures trading Monday. The gold bulls had a good week last week, as they stabilized the market and are now working on keeping alive a price uptrend on the daily bar chart. The safe-haven metals bulls have proven resilient recently, in the face of rallies in global stock markets. February gold futures were last up $2.60 an ounce at 1,576.00. March Comex silver prices were last up $0.073 at $17.765 an ounce.
Asian and European shares were mostly weaker overnight as traders and investors...Read more