Gold back in demand as Covid-19 casts shadow over global economy
Gold contracts in COMEX futures, which will be delivered in April, increased by $27.80, and closed on Monday (February 24) at $1,676.60 per ounce.
The closing rate was the highest one since February 2013.
Investors have been buying gold as a safe-haven asset, amid concerns about Covid-19’s impact on the global economy.
The International Monetary Fund recently cut its estimate of China’s economic growth from 5.6 per cent by 0.4 per cent due to the virus outbreak.
Meanwhile, South Korea has ordered the highest “red” level alert for the Covid-19 situation with the number of cases rising to over 800 and eight people dying.
