Gold Gains On Virus Fears – 23 January, 2020

Anticipation for potential economic turmoil that could arise from the quickly spreading coronavirus caused investors to turn towards gold. Gold has held above $1,550 since the first week of January when tensions between the U.S. and Iran escalated, causing the precious metal to hit just below a seven year high at $1,610.90. U.S. gold futures were last up 0.6% to $1,565.40 per ounce. Spot gold rose 0.4% to $1,564.13 per ounce.