Palladium jumps nearly 2% as coronavirus fears abate

Wednesday, 12. February 2020 19:32

Palladium price rose almost 2% on Wednesday following encouraging news on the coronavirus outbreak, with China-based carmakers announcing they will partially resume work next week. Chinese health authorities revealed that the recovery rate of patients affected by the disease climbed to 10.6%.

Meanwhile, investors focused on the testimony of Federal Reserve Chairman Jerome Powell in Congress. Powell stated in his congressional testimony that the economic effect of the coronavirus in the US will be assessed soon.

Spot gold was flat, going for $1569.11 per ounce at 1:25 pm ET, while silver traded 0.80% lower one minute later, at $17.52. Platinum dropped 0.61%, going for $966.46 per ounce at the same time, while on the other hand, palladium surged 1.82%, trading at $2,375.30 per ounce.

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