Gold prices jumped to their highest levels in two weeks since Friday evening, due to developments in the outbreak of the Corona virus in China and other countries, which pushed investors towards safe assets and havens, which led to the rise of an ounce of gold to between 1571 to 1573 dollars an ounce, “The whole market has gone into a risk situation,” said Bart Millik, director of commodities strategies at TD Securities.
In other precious metals, palladium fell 1.8% in spot transactions to $ 2417.10 an ounce, after losing more than three% earlier, and the metal tends to record its first weekly decline in five weeks and by about 2.6%.
And platinum rose 0.4% to $ 1005.95 an ounce, but it remained low 1.3 percent for the week, and silver advanced 1.8% to $ 18.11 an ounce, and a weekly gain of about 0.6 percent, according to Reuters.
The US dollar fell yesterday against the Japanese yen, which is a safe haven among investors worried that the spread of a virus that appeared in China may harm travel and economic demand..
The American Centers for Disease Control and Prevention confirmed a second American case of coronavirus coming from China, and said that as many as 63 possible cases were being examined with the sometimes deadly disease spreading around the world..
The newly discovered virus has killed 26 people and infected more than 800 so far, and cases and all deaths have been concentrated in China, as authorities have imposed severe restrictions on travel and gatherings..
Against the yen, which attracts investors in times of geopolitical or financial pressures due to Japan’s position as the largest creditor in the world, the dollar fell 0.22% to 109.24 yen.
Ronald Simpson, managing director of global currency research at Action Economics, said that the demand for safe havens is the main driver at the end of the week … Nerves increased tense as the outbreak of the coronavirus appeared to worsen, and the euro fell 0.23% to $ 1.1027.
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