UAE – Gold rises due to Corona fears

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(MENAFN – Al-Bayan) Date:
March 06, 2020 Gold rose yesterday due to purchases of a demand for safety fueled by fears about the fast-spreading Corona virus, but a rise in stock markets limited the gains of the metal. The spot price of gold was up 0.2% to $ 1638.70 an ounce. And US gold futures fell 0.2% to record 1639.50 dollars.

“When we see support for gold and the dollar together, it is an indication of a desire for safe haven from investors,” said Michael McCarthy, chief market strategist at CNBC Markets. The dollar recovered from its recent declines, drawing support from strong US jobs data on Wednesday. The non-revenue gold was backed by the Federal Reserve suddenly cutting interest rates last Tuesday to protect the world’s largest economy from the consequences of the epidemic.

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