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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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WATCH: Gold prices continue to flirt with new highs, trading above $1,600 an ounce.(Source: Bloomberg)
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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.