Gold jumps 1% as stocks drop on coronavirus fears

Friday, 21. February 2020 13:57

The price of gold in United States dollars jumped 1% on Friday followed by silver and platinum posting more modest gains, as market participants turned wary again about the possible impact of the coronavirus outbreak on the global economy. German auto giant Daimler said it expects lower sales due to the disease, while Nissan and Honda delayed the reopening of their plants in China.

Premarket trading on Wall Street was in negative territory, similarly to major European stock markets. Oil futures also posted losses.

Spot gold sold for $1,636.03 per ounce at 7:54 am ET, gaining 1.01% to hit new record highs. In euros, the price of gold jumped 0.93% one minute later to €1,515.07 per ounce, shortly after reaching its fresh all-time high of €1,516.19. At the same time, palladium added only 0.07% to sell for $2,706.51 per ounce.

The price of silver increased 0.92% to $18.55 per ounce at 7:56 am ET, as platinum climbed 0.55%, selling for $986.34 per ounce.

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Breaking the News / NI