Gold gains from adapted virus numbers but strong dollar puts a cap on
Disclaimed expectations of epidemic slowing send investors rushing to safe havens again
Bengaluru — Gold rose on Thursday as a surge in the number of new coronavirus cases in China dashed hopes that the epidemic was slowing and drove investors to safe-haven assets. Spot gold was up 0.4% to $1,571.70/oz as of 0312 GMT. US gold futures gained 0.2% to $1,574.90.
“The unfortunate increase in number of cases in the Hubei province, which is ground zero ... has affected risk-on sentiment,” said John Sharma, an economist at National Australia Bank. Hubei reported 242 new deaths and confirmed 14,840 new cases as of Wednesday, a dramatic rise from the 2,015 new cases a day earlier after China began using a new clinical method for diagnosis...
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