Gold Zooms Toward $1,700 as Virus Fuels a ‘Plethora’ of Concerns
- Copper and other industrial metals fell in London and New York
- Palladium and platinum futures also declined amid the selloff
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Gold rose toward $1,700 an ounce, extending its rally to the highest in more than seven years, as investors pile into haven assets amid mounting worries that the coronavirus could turn into a global pandemic.
Italy’s financial hub is in virtual lockdown as the outbreak spread further outside China, heightening concerns of slowing global economic growth. Traders are loading up on bets that central banks will step in to support the economy by cutting borrowing costs -- a move that would help boost the appeal of non-interest bearing gold. Copper and other industrial metals fell.