PRECIOUS-Gold gains on rise in Chinese coronavirus cases

Feb 13 14:02 2020 Print This Article

(Updates prices)

* Dollar eases from four-month high, stocks falter

* Coronavirus death toll surges to daily record 242 in Hubei

* Palladium deficit expected in 2020 - Johnson Matthey

By Sumita Layek

Feb 13 (Reuters) - Gold gained on Thursday after a sharp

rise in new coronavirus cases and deaths in China dampened risk

sentiment, prompting investors to buy the metal.

Spot gold was up 0.6% at $1,574.50 per ounce at 1250

GMT and U.S. gold futures were 0.4% higher at $1,577.70.

"This spike in the numbers has just knocked the wind out of

the sizeable bet...So, we are seeing risk markets cool off and

gold is catching some bids," OANDA analyst Craig Erlam said.

After reports of a decline in new coronavirus cases, China

said there had been a record rise in deaths and cases under a

new diagnostic method, a potential threat to the global economic

Read More

About Article Author

Sprott Money

Established in February 2008, Sprott Money Ltd. is a leading precious metals wholesale, institutional and retail dealer selling gold, silver and platinum bars, coins and wafers online and over the phone. Sprott Money's storage program gives clients the ability to store their precious metals in multiple storage facilities located in Canada, the United States and internationally. Sprott Money Blog, which covers world events, geopolitics and of course precious metals.

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