Gold futures top $1,600 at COMEX
Gold futures closed at a higher price for six consecutive days through Friday (February 21), invariably regarded by investors as a safe-haven asset, particularly with the Covid-19 virus rattling markets everywhere.
The price of a gold contract on the COMEX market increased by $8.70 to close at $1,620.50 per ounce.
The newspaper Global Times reported on Friday that a Beijing hospital 36 more people infected with the virus, indicating an outbreak in the Chinese capital.
Japan has attributed two more deaths to the disease and South Korea has acknowledged infections there.
S&P Global Ratings has warned that Covid-19 would cost the Chinese economy $1.1 trillion in non-performing loans alone.
