Gold surges to 7-year top as pandemic fears spark safe-haven rush
Gold soared as much as 2.8% on Monday to its highest level in seven years, as investors worried about global economic growth in the face of sharply rising coronavirus cases outside China, CNBC reported.
Spot gold climbed 1.7% at $1,671.24 per ounce. The session high, $1,688.66, was its highest since January 2013. US gold futures settled up 1.7% to $1,676.6.
“The markets are spooked right now,” said Bob Haberkorn, senior market strategist at RJO Futures, citing coronavirus fears.
“The concern is not about the virus precisely, it is from the economic standpoint. The Dow Jones is down about 1,000 points, the bond yields are also lower.”
There was a sharp rise in coronavirus cases reported in Italy, South Korea and Iran, with Afghanistan and Iraq reporting their first cases. However, the rate of infection in China has eased.
Outside mainland China, the outbreak has spread to about 29 countries and territories, with a death toll of about two dozen, according to a Reuters tally.
The World Health Organization said it was worried about the growing number of cases without any clear link to China.
Investors view gold and other assets like government bonds and the U.S. dollar as safe havens during times of stress.
The curve inversion between the 3-month and 10-year U.S. Treasury bond yields deepened, in what economists view as a recession signal. The benchmark 10-year Treasury yield fell to its lowest since July 2016.
Investors’ fears over the virus outbreak triggered a wide sell-off in equity markets. The Dow Jones industrials slid more than 800 points, below its 100-day moving average for the first time since October.
In Europe, markets had their biggest daily declines since mid-2016.
“The upswing in the gold price is being accompanied by further ETF inflows. Speculative financial investors have also increased their bets on rising gold prices significantly,” Commerzbank analysts said in a note.
“However, this also means that the gold price upsurge is on shaky ground, so falls can be expected in the event of profit-taking.”
Reflecting increased investor interest in bullion, speculators raised their bullish positions on COMEX gold and silver contracts in the week to Feb. 18, data showed on Friday.
Mirroring gold’s gains, silver rose 1.6% to $18.75 an ounce, having hit its highest since September at $18.90.
Palladium eased 3.3% to $2,613.59 per ounce, while platinum shed 1.1% to $962.72.
Videos
Interview with Francis Malige, EBRD Managing Director
Armenians Commemorating 106th Anniversary of Genocide
Biden Under Pressure to Recognize Armenian Genocide - KTLA 5 News
Governance and Oversight Capacities Account for Our Bank's Robust Management System - Philip Lynch, Independent Board Member at Ameriabank
'Mr. President, It Is Now in Your Power to Right Decades of Denial' - US Congressman Adam Schiff Urges Joe Biden to Recognize Armenian Genocide
Armenians of Nagorno-Karabakh in Despair After Trauma of Military Defeat - France 24
Interview with Kakhaber Kiknavelidze, an Independent Member of Ameriabank Board of Directors
Only Terrorists Keep Hostages, Putting Forward Preconditions for Their Release - Edmon Marukyan
Rep Adam Schiff Says Congress Should Recognize Artsakh
UN's Guterres Issues Global Appeal to Make 2021 'Year of Healing'
NASA's Mars 2020 Perseverance Rover Landing Animations
Azerbaijan Uses Prohibited Phosphorus Chemical Munitions - Defense Army Video
Artsakh Defense Army Units Neutralizing Azerbaijani Arms Supplies
Artsakh Defense Army Units Neutralizing Azerbaijani Drone
Nagorno-Karabakh's Status Has Been At the Heart of Our Approach - Zohrab Mnatsakanyan
Artsakh Defense Army Releases Video Featuring Damaged Azerbaijani Military Equipment
Artsakh Defense Army Units Inflicting Manpower Losses on Azerbaijan
Gas Pipeline Damaged in Azerbaijani Fire Targeting Nagorno-Karabakh's Capital
President Armen Sarkissian Meets Emmanuel Macron at Élysée Palace
Artsakh Defense Army Neutralizes Azerbaijani Military Hardware
Artsakh Defense Army Units Neutralizing Azerbaijani Military Infrastructures
President Armen Sarkissian Meets with NATO Secretary-General in Brussels
Buildings and Homes Lying in Ruins in Nagorno-Karabakh's Capital After Azerbaijani Shelling
Artsakh Defense Army's Precision Fire Gives Deadly Blow to Enemy
Artsakh Defense Army Units Destroying Azerbaijani Tank
Zohrab Mnatsakanyan: Ceasefire Does not Mandate Azerbaijan to Kill Civilians and Hit Civilian Settlements
Armenians Protest Outside Turkrish Embassy in Los Angeles
Losses in Azerbaijan's Military Featured in Defense Army Footage
Artsakh Defense Army Neutralizing Adversary's Transport Column
Turkey openly backs Azerbaijan 'far more aggressively than in the past' - ABC News on Syrian mercenaries fighting in Karabakh
Iconic Armenian Church Hit in Azerbaijani Attacks in Nagorno-Karabakh City (photos)
Artsakh Defense Army Continues High-Precision Strikes
War Situation in Karabakh on European Parliament's Agenda
Call for Urgent Action: Armenian Journalist Brings Intn'l Colleagues' Attention to Situation iin Artsakh After Azerbaijani Attacks
Turkey's Support to Syrian Mercenaries Fighting Against Artsakh: Facts About Azerbaijani Aggression
Nagorno-Karabakh's Capital Under Azerbaijani Strikes
Armenian Armed Forces Neutralize Azerbaijani Defense Positions
ArmenianTroops Destroy Azerbaijani Armored Fighting Vehicle on Frontline
There is a solid evidence that Azerbaijan has launched a thoroughly planned attack on the NKR
EU calls for Immediate End to Hostilities over Nagorno-Karabakh
- 15:20 • 24.05.21 Interview with Francis Malige, EBRD Managing Director
- 11:39 • 24.04.21 Armenians Commemorating 106th Anniversary of Genocide
- 09:40 • 23.04.21 Biden Under Pressure to Recognize Armenian Genocide - KTLA 5 News
- 15:34 • 22.04.21 Governance and Oversight Capacities Account for Our Bank's Robust Management System - Philip Lynch, Independent Board Member at Ameriabank
- 14:09 • 21.04.21 'Mr. President, It Is Now in Your Power to Right Decades of Denial' - US Congressman Adam Schiff Urges Joe Biden to Recognize Armenian Genocide
- 12:37 • 03.04.21 Armenians of Nagorno-Karabakh in Despair After Trauma of Military Defeat - France 24
- 17:33 • 11.03.21 Interview with Kakhaber Kiknavelidze, an Independent Member of Ameriabank Board of Directors
- 17:57 • 26.01.21 Only Terrorists Keep Hostages, Putting Forward Preconditions for Their Release - Edmon Marukyan
- 13:33 • 22.01.21 Rep Adam Schiff Says Congress Should Recognize Artsakh
- 09:42 • 29.12.20 UN's Guterres Issues Global Appeal to Make 2021 'Year of Healing'
- 18:41 • 24.12.20 NASA's Mars 2020 Perseverance Rover Landing Animations
- 13:33 • 31.10.20 Azerbaijan Uses Prohibited Phosphorus Chemical Munitions - Defense Army Video
- 16:37 • 30.10.20 Artsakh Defense Army Units Neutralizing Azerbaijani Arms Supplies
- 11:25 • 28.10.20 Artsakh Defense Army Units Neutralizing Azerbaijani Drone
- 13:45 • 24.10.20 Nagorno-Karabakh's Status Has Been At the Heart of Our Approach - Zohrab Mnatsakanyan
- 11:51 • 24.10.20 Artsakh Defense Army Releases Video Featuring Damaged Azerbaijani Military Equipment
- 11:40 • 24.10.20 Artsakh Defense Army Units Inflicting Manpower Losses on Azerbaijan
- 10:39 • 24.10.20 Gas Pipeline Damaged in Azerbaijani Fire Targeting Nagorno-Karabakh's Capital
- 12:41 • 23.10.20 President Armen Sarkissian Meets Emmanuel Macron at Élysée Palace
- 12:16 • 23.10.20 Artsakh Defense Army Neutralizes Azerbaijani Military Hardware
- 12:02 • 22.10.20 Artsakh Defense Army Units Neutralizing Azerbaijani Military Infrastructures
- 10:35 • 22.10.20 President Armen Sarkissian Meets with NATO Secretary-General in Brussels
- 10:51 • 17.10.20 Buildings and Homes Lying in Ruins in Nagorno-Karabakh's Capital After Azerbaijani Shelling
- 15:09 • 15.10.20 Artsakh Defense Army's Precision Fire Gives Deadly Blow to Enemy
- 13:13 • 13.10.20 Artsakh Defense Army Units Destroying Azerbaijani Tank
- 12:56 • 12.10.20 Zohrab Mnatsakanyan: Ceasefire Does not Mandate Azerbaijan to Kill Civilians and Hit Civilian Settlements
- 12:23 • 12.10.20 Armenians Protest Outside Turkrish Embassy in Los Angeles
- 17:23 • 09.10.20 Losses in Azerbaijan's Military Featured in Defense Army Footage
- 15:53 • 09.10.20 Artsakh Defense Army Neutralizing Adversary's Transport Column
- 14:11 • 09.10.20 Turkey openly backs Azerbaijan 'far more aggressively than in the past' - ABC News on Syrian mercenaries fighting in Karabakh
- 15:52 • 08.10.20 Iconic Armenian Church Hit in Azerbaijani Attacks in Nagorno-Karabakh City (photos)
- 10:57 • 08.10.20 Artsakh Defense Army Continues High-Precision Strikes
- 14:24 • 07.10.20 War Situation in Karabakh on European Parliament's Agenda
- 19:31 • 05.10.20 Call for Urgent Action: Armenian Journalist Brings Intn'l Colleagues' Attention to Situation iin Artsakh After Azerbaijani Attacks
- 16:17 • 04.10.20 Turkey's Support to Syrian Mercenaries Fighting Against Artsakh: Facts About Azerbaijani Aggression
- 12:39 • 04.10.20 Nagorno-Karabakh's Capital Under Azerbaijani Strikes
- 13:49 • 03.10.20 Armenian Armed Forces Neutralize Azerbaijani Defense Positions
- 10:12 • 29.09.20 ArmenianTroops Destroy Azerbaijani Armored Fighting Vehicle on Frontline
- 23:42 • 28.09.20 There is a solid evidence that Azerbaijan has launched a thoroughly planned attack on the NKR
- 18:45 • 28.09.20 EU calls for Immediate End to Hostilities over Nagorno-Karabakh
Most popular articles Today Yesterday For a week
-
Politics 12:27 • 14/05 I encouraged the two countries to maintain momentum in peace discussions, for the benefit of the people. OSCE Chairman-in-Office “Recently announced border demarcation agreement with Armenia is a step in the right direction. Encouraged the two countries to maintain momentum in peace discussions, for the benefit of the people,” he wrote.
-
Event 11:15 • 15/05 Trump's Boeing 757 clipped corporate jet at West Palm Beach airport - source Former U.S. President Donald Trump's private Boeing 757 clipped another corporate jet while taxiing at West Palm Beach International Airport in Florida on Sunday, a source familiar with the incident said on Tuesday.
-
Economy 14:18 • 14/05 “Capital markets have a crucial for economic development.”: Grigori Zakaryan As for the prospects, I think the development of Armenia’s capital market will depend on a significant increase in the number of new issuers and issues, and on how the process of bringing companies to capital markets turns out.
-
Law 15:01 • 17/05 Pro-Kurdish leader Demirtas gets 42 years in prison A Turkish court on Thursday sentenced Selahattin Demirtas, the former leader of the pro-Kurdish People's Democratic Party, or HDP, to 42 years in prison for his alleged role in deadly protests in 2014 that were triggered by an Islamic State attack on the Syrian Kurdish town of Kobani.
-
Event 12:26 • 17/05 Тhe Vardanyan family call on representatives of the international community to demand for Ruben Vardanyan's and the 22 other Armenian prisoner unconditional release For eight months, the Azerbaijani authorities have flouted international law and human decency by keeping Ruben incarcerated without trial and without any proper process.
-
Economy 17:26 • 17/05 Armeconombank has successfully accomplished about 120 projects with international institutions by attracting funds equivalent to about USD 640m. Astghik Manrikyan Currently the Bank cooperates with almost all leading financial institutions, and it managed to accomplish about 120 successful projects aimed at the development of micro, small and medium enterprises.
-
Event 12:50 • 17/05 Ucom Celebrates Telecommunication Day The International Telecommunication Union today is a United Nations (UN) agency that coordinates the use of global radio frequencies, advancing telecommunications infrastructure worldwide, and fosters the development of technical standards on a global scale.
Politics
-
10:21 • 09.05.24 Lukashenko congratulated the RA President
Law
-
19:14 • 30.10.23 Conductor Sergey Smbatyan Acquitted
Economy
-
19:13 • 16.05.24 Armeconombank and EBRD Signed USD 10m Agreement
-
12:08 • 07.05.24 ARMECONOMBANK's statement regarding the Freedom House report
Event
-
17:08 • 16.05.24 “Get Started”: An educational platform for young startuppers
Science/tech
-
14:18 • 08.05.24 AstraZeneca withdrawing Covid vaccine worldwide