Gold smashes through $1600

A MIDWEEK warning from Apple over coronavirus pushed global stocks down and boosted precious metals.
Gold smashes through $1600 Gold smashes through $1600 Gold smashes through $1600 Gold smashes through $1600 Gold smashes through $1600

Staff Reporter

US stocks fell more than 0.3% after Apple warned of production and demand disruptions due to the virus and said it would miss its revenue guidance for the March quarter.
 
At midweek, the World Health Organisation confirmed 1901 new cases of the virus and 98 deaths.
 
Gold got a boost on safe haven buying with Comex futures rising to $1605 an ounce. Futures rose as high as $1608.20/oz earlier in the session. Spot gold on Wednesday traded at $1601.56/oz or  in the Australian currency, a record $A2395/oz.
 
Palladium was a winner from the Apple news with the critical iPhone ingredient jumping a staggering 10% to a record $2547.30/oz.
 
Lead was up 3.3% in London, but nickel dropped 2.3% on what was a grim midweek session for base metals.

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