Gold holds above $1,600 on fears over economic impact of virus

Gold holds above $1,600 on fears over economic impact of virus

19 Feb 2020 11:10 AM
 

Gold prices held steady above the key $1,600 mark on Wednesday as an uptick inequity due to a drop in new virus cases was kept in check by fears about the economic fallout of the epidemic.

Spot gold was little changed at $1,602.77 per ounce. In the previous session, bullion prices surged 1.3% to their highest since Jan. 8 at $1,605.10. U.S. gold futures were up 0.1% to $1,604.80.

The U.S. dollar also considered a safe-haven during times of economic and political uncertainties, stayed above the more than four-month high against key rivals.

Silver was up 0.4% to $18.24, having earlier touched a three-week peak at $18.26. Platinum also hit its highest in three weeks earlier in the session, at $1,001.67, and was up 0.8% to $1,000.02.