Coronavirus Continues to Rock Precious Metals Market

Coronavirus Continues to Rock Precious Metals Market


2/13/2020 8:42:30 AM

Gold prices climbed on Monday to mark a fourth consecutive gain, as investors worried about the economic impact on China of the fast-moving outbreak of the coronavirus. Silver prices also saw a boost on Monday, getting a .5% rise. The death toll for the novel strain of coronavirus climbed to more than 900 in mainland China, exceeding that of the severe acute respiratory syndrome, or SARS, that claimed 774 lives and infected about 8,100 people in 2002 to 2003. The World Health Organization warned that the spread could accelerate, with more than 40,000 cases reported as of Monday. Gold prices ended lower on Tuesday for the first time in five sessions as global equity markets punched higher, with the moves being attributed to an apparent slowdown in the spread of the coronavirus. More than 43,000 cases of the virus have been confirmed, with at least 1,018 deaths, according to the World Health Organization. However, the number of new, confirmed cases in China fell, according to China’s National Health Commission. Gold prices inched down to a near one-week low on Wednesday as investors’ risk appetite picked up on reports of a decline in new coronavirus cases, although concerns over its impact on the global economy persisted. Palladium prices have also slipped .7%, followed by Silver being down .3%. Gold gained on Thursday after a sharp rise in new coronavirus cases and deaths in China dulled risk response, prompting investors to buy the yellow Precious Metal. 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 outlook. Silver and Platinum also saw gains on Thursday, jumping 1.1% and .3% respectively.  Gold prices held steady on Friday after easing from a more than one-week high as investors assessed the risks to the global economy from the coronavirus epidemic. Chinese authorities reported 121 new deaths and 5,000 new coronavirus cases in mainland China. Silver prices saw a slight increase of .3%, while Platinum also saw a minor rise of .4% on Friday, 

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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