Gold prices rose in Asian markets on Thursday as investors prepared for prolonged economic turbulence caused by the coronavirus pandemic.
Gold Futures gained by 0.41% at $1,598 per ounce at $1,598 by 10:21 PM ET (3:21 AM GT), taking back lost ground from yesterday’s session and reclaiming its safe-haven status.
The news of the yellow metal’s gains comes with Asian equities last trading in the red with Japan’s Nikkei sliding down by almost 1%.
Meanwhile, Australia’s ASX 200 lost 2.2% in the previous session.
Gains in gold prices were a result of investors banking on commodities such as gold in a time of economic uncertainty. This coupled with rate cuts and signals of further easing from central banks around the world would prove to be favorable for gold investments said ANZ commodity strategist, Soni Kumari to CNBC.