As per report gold rose 1% on friday to its highest in seven years as the spread of the coronavirus intensified concerns about its impact on economic activity and global growth, increasing the metal’s safe-haven appeal. Spot gold rose 0.9% to $1,633.46 per ounce as of 1027 GMT, after hitting its highest since Feb.14, 2013 at$1,635.98 earlier in the session. U.S. gold futures jumped 1% to $1,636.40.

 

Accordingly gold prices have risen 3% so far this week and are set to record their biggest weekly percentage gain since early August. The risk-off and flight to the safe havens movement is supporting gold. Stocks markets are down, while you have gains in government bonds, said Peter Fertig, an analyst at Quantitative Commodity Research and the virus outbreak is having an influence on economic activity, and the markets are focusing on the increase in number of new infected cases.

 

Moreover south korea has reported 52 new cases, taking the national total to 156, while japan reported the first fatalities from a cruise ship which accounted for the biggest cluster of infections outside China. Meanwhile, china reported an uptick in new cases of coronavirus, boosted by more than 200 people testing positive for the disease in two prisons outside of Hubei province, the epicentre of the outbreak.

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