09:59 am
Saturday 25 January 2020
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Cairo – Agencies:
Gold jumped to its peak in more than two weeks yesterday, Friday, when the latest developments in coronavirus outbreaks “Corona” gained appetite for risk and encouraged appetite for safe haven assets.
Reuters reported that by 1841 GMT yesterday, the spot price of gold was up 0.7% to $ 1573.73 an ounce, after peaking since January 8 at $ 1575.03 earlier in the session.
The price of the global metal rose 1% since the beginning of the week.
The settlement price in the US gold futures contracts was set to rise 0.4% to $ 1571.90 an ounce, according to the agency.
“The whole market has gone into a risk situation,” said Bart Millik, commodities strategies manager at TD Securities.
In other precious metals, palladium fell 1.8% in spot transactions to $ 2417.10 an ounce, after losing more than 3% earlier in the session. The metal is heading to record its first weekly decline in five weeks, and by 2.6%.
And platinum rose 0.4% to record $ 1005.95 an ounce, but remained 1.3% lower for the week.
Silver advanced 1.8% to $ 18.11 an ounce, with a weekly gain of about 0.6%.
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