Coronavirus Outbreak in China Sends Waves Through Financial Markets
1/24/2020 8:38:36 AM
Gold hit a more than one-week high on Monday as investors hedged against lingering tensions in the Middle East and an impeachment trial in Washington, while Palladium's record rise showed no signs of waning. Palladium advanced about 2% after the Precious Metal hit a record high of $2,582 last week. Silver fell on Tuesday as the U.S. dollar steadied near a one-month high and concerns of an economic fallout from the coronavirus in China loomed over investors. A coronavirus outbreak that began in the central Chinese city of Wuhan sent waves through financial markets. Gold ended with a modest loss on Wednesday as traders weighed the potential economic impact of an outbreak of the coronavirus in China. Copper prices also fell to a two-week low on Wednesday. Gold and Silver prices were a bit weaker on Thursday. Precious Metals were pressured by falling crude oil prices that hit a six-week low overnight on Wednesday. Gold crept lower on Friday, as investors sought details on the severity of the China coronavirus after the World Health Organization declined to deem the outbreak as a global emergency. While Copper prices trended toward their biggest weekly fall in almost 19 months amid the coronavirus concerns. Palladium and Platinum prices have continued to soar due to rising demand from the auto industry.