Gold rises as virus concerns lift safe-haven bid – Gulf Today

Gold rises as virus concerns lift safe-haven bid – Gulf Today

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Relentless spread of the coronavirus intensified investor fears about a delay in global economic recovery and weighed on risk appetite, driving inflows into safe-haven assets.

The outlook for a global economic recovery over the past month has worsened or at best stayed about the same, according to a firm majority of economists in Reuters polls.

Gold is used as a safe investment during times of political and financial uncertainty. Indicative of sentiment, SPDR Gold Trust , holdings rose 0.3% to 1,178.90 tonnes on Friday, while speculators increased their bullish positions in COMEX gold and silver contracts in the week to June 23.

On the technical side, spot gold is poised to break a resistance at $1,778 per ounce and rise to $1,789, said Reuters technical analyst Wang Tao. Elsewhere, palladium gained 0.9% to $1,877.14 per ounce, while platinum rose 1.6% to $803.31 and silver climbed 0.8% to $17.89. 

Reuters.