Friday: March 06, 2020
(Reuters) – Gold rose on Friday, heading towards its biggest weekly gain since late October 2011, due to fears that the outbreak of the Corona virus will hit the global economy. By 0813 GMT, the spot price of gold was 0.2 percent higher at $ 1674.20 an ounce, after rising more than two percent in the previous session. US gold futures rose 0.4 percent to $ 1675.20. “Gold is rising because markets are expecting further interest rate cuts and because of the risk aversion that is taking place now, amid market concerns,” said Elia Spivac, currency strategist at DailyFX. “The biggest factor here is just how worried the markets are about the impact of the Corona virus,” he added. The metal rose 5.5 percent this week as investors sought safe havens for fear of the consequences of the virus, and as the Federal Reserve suddenly cut rates by 50 basis points on Tuesday.