Gold Jumps To 7-Year High On Fears Virus Will Hit Global Growth

The Hindu|February 22,2020

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Gold Jumps To 7-Year High On Fears Virus Will Hit Global Growth
Risk aversion raises metal’s safe-haven appeal; silver also joins club with 1% rise

Gold rose 1% on Friday to its highest in seven years as the spread of the coronavirus intensified concerns about its impact on economic activity and global growth, increasing the metal's safe-haven appeal.

Spot gold rose 1.1% to $1,636.60 per ounce as of 18:26 IST, after hitting its highest since February 14, 2013 at $1,636.66 earlier this session. U.S. gold futures jumped 1.2% to $1,639.60.

Bullion has risen 3.3% so far this week, on track for its best week since early August.

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February 22,2020