Coronavirus Outbreak in China Sends Waves Through Financial Markets

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.

APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies

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