Gold rises to its highest level in two weeks, driven by fears of the spread of Corona in China

Gold prices rose to their highest level in more than two weeks on Monday, with stocks declining due to growing fears of a possible spread of the new Corona virus on the Chinese economy, prompting investors to get rid of high-risk assets and seek safe havens.

And gold rose in immediate transactions 0.6 percent to $ 1579.42 an ounce by 0633 GMT. Earlier in the session, the price of gold reached its highest level since January 8th, recording $ 1586.42.

US gold futures rose 0.5 percent to $ 1,579.50.

Asian stocks fell after the number of deaths due to infection with the new Corona virus rose to 81, while the number of infection cases exceeded 2700 in China, and residents of Hubei Province, where the disease first appeared, were prevented from entering Hong Kong as part of global efforts to stop the spread of the disease, The yen gained on concerns about the difficulties Chinese authorities face in containing the outbreak.

Investors are now awaiting the first meetings of the Federal Reserve (the US central bank) on policy in the new year scheduled for January 28-29, when interest rates are widely expected to remain unchanged.

For other precious metals, silver rose 0.4 percent to $ 18.16 and earlier touched its highest level since January 8 and recorded $ 18.32.

Palladium fell 1.7 percent to $ 2387.19 an ounce, as platinum fell 0.5 percent to $ 996.15.

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