Gold gains as virus epidemic fuels safe-haven demand

Spot gold gained 0.6% to US$1,561.62 per ounce by 0801 GMT, after declining 1.5% on Tuesday – the biggest since early-November. US gold futures climbed 0.7% to US$1,565.60 per ounce.

BENGALURU: Gold prices rose yesterday, recovering from a sharp drop in the previous session, as safe-haven demand was boosted by worries over a fast-spreading coronavirus outbreak in China.

Spot gold gained 0.6% to US$1,561.62 per ounce by 0801 GMT, after declining 1.5% on Tuesday – the biggest since early-November. US gold futures climbed 0.7% to US$1,565.60 per ounce.