Gold Just Hit a Seven-Year High on Virus Fears
- Traders also weigh possible rate cut from Fed before year-end
- Copper, zinc decline on greater industrial demand pressure
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Gold reached a seven-year high as concern over the economic impact of the coronavirus boosted demand for haven assets and fueled speculation that the Federal Reserve will ease monetary policy before year-end.
Prices extended gains above $1,600 an ounce to the highest since February 2013. Copper headed for a third straight decline, while the dollar strengthened and U.S. equities fell after a jump in confirmed infections in South Korea and Japan.