Virus fears skyrockets gold prices past $1,700 record level in 7 years


Gold prices skyrocketed on Monday past the record $1,700 per ounce since 2012 after piling market fears of a pandemic and a sharp decline in crude prices led traders retreating for safe-haven assets.

U.S. Gold Futures surged by 1.6% to $1,699.70 per ounce. Meanwhile, Spot gold prices closing with at a 1.5% high to $1,699.20 per ounce by 0054 GMT after it had reached $1,702.45 – the highest since December 2012.

Asian equities sank after investors fled to bonds in order to hedge the economic impact of the highly contagious coronavirus. Market fears piled on further after oil plummeted by more than 20% after Saudi Arabia slashed its official selling price in an OPEC+ decision.

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