Corona­virus spread has dimmed growth prospe­cts and sent invest­ors scurry­ing for safe-haven assets­LONDON: Gold prices rose more than 1% on Friday and were on course for their biggest weekly gain since October 2011 as the global spread of the coronavirus dimmed growth prospects and sent investors scurrying for safe-haven assets. Spot gold was up 0.7% at $1,681.67 per ounce at 1058 GMT, having risen as high as $1,689.65. Prices are up around 6% so far this week. Investors are buying bonds as well as gold as insurance from the deteriorating economic outlook,” said SP Angel analyst Sergey Raevskiy. The International Monetary Fund on Wednesday said the outbreak would hold 2020 global output gains to their slowest pace since the 2008-09 financial crisis.

Source: The Express Tribune March 06, 2020 11:26 UTC