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Gold Advances as Covid-19 Fuels Havens Demand

Gold rates gain on Thursday, as fears over the spread of COVID-19 outside of China continue to spook selling in global markets, increasing demand for traditional havens.

gold prices risePhoto: Flickr

Gold futures with April delivery added 0.74 percent on Comex to $1,659.00 per ounce, while May silver grew by 0.51 percent, to $18.06 per ounce. May copper futures went down by 1.26 percent, to $2,54 per pound.

The persisted spread of COVID-19 outside of China “offered renewed demand for gold in early morning trading today,” commented Warren Patterson, head of commodities strategy at ING.

A new case of Chinese infection was registered officially in Northern California, the first detected case in the U.S. but it is still unknown how the infection appeared, raising the worrisome prospect that the virus is spreading otherwise.

In other metals trade, April platinum slipped by 0.95 percent, to $910,50 per ounce, whereas June palladium jumped by 0.57 percent, to $2,672.40 per ounce at 1529 GMT.

Source: Marketwatch

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