Virus drives gold to 7-year high

AT midweek, gold futures rocketed to their highest level since 2013.
Virus drives gold to 7-year high Virus drives gold to 7-year high Virus drives gold to 7-year high Virus drives gold to 7-year high Virus drives gold to 7-year high

Staff Reporter

On Wednesday, futures traded at $1786 an ounce, just below the day's high of $1787/oz.
 
Spot gold was at $1767/oz or $A2548/oz as the Australian dollar settled at US69.39c.
 
News agency Bloomberg said new cases of coronavirus in the US rose 1.6% on Wednesday, with California, Arizona and Texas reporting their biggest daily increases.
 
Gold was also boosted by confusion over the status of the trade deal between the US and China.
 
"If gold simply repeats its percentage gain in the first half of the year in the second, it will end 2020 above $2000," economist Peter Schiff tweeted. 
 
In London, copper rose to the highest level since late January. The metal was up by another 0.5% to $5892 per tonne.
 
Zinc took a hit, dropping 2.4% to $2034.25/t, but coming off a four-month high.

 

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