Gold rises amid fears of growth due to coronavirus

US, WASHINGTON (ORDO NEWS) — The price of gold rose on Monday as investors rushed for safe assets because of fears of economic damage from the blow caused by the outbreak of coronavirus, and measures designed to curb the spread of infection.

The price of gold rose 0.3% to $ 1.622.4 per troy ounce to 13:20 UTC.

“The volatility associated with COVID-19 has returned to the markets. Gold gained a bit against purchases of safe assets after declining equity markets in Europe, ”said Peter Fertig, an analyst at Quantitative Commodity Research.

“In the near future, the price of gold will be supported by the purchase of safe assets, but if the stock markets fall even deeper, the sale of gold in order to meet margin requirements may resume.”

The price of palladium decreased by 1.8% to $ 2.229.23 per ounce, platinum – by 2.23% to $ 724.8, and silver – by 3.03% to $ 14.02.

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