‘It's red across the board — all energy is down, all grains are down, all soft commodities are down, all metals are down, with gold the exception’
Bengaluru — Gold prices rose on Monday, having briefly breached the $1,700/oz level, as a rout in global equities on concern over the economic fallout from the coronavirus epidemic lifted demand for safe-haven assets.
European equities slumped 7% and US stock futures hit the loss limit as investors sought refuge in safe havens. Oil prices dived by more than a quarter after Saudi Arabia cut its official prices, putting crude on track for its biggest daily slump since the first Gulf War. Gold is often viewed as a hedge against oil-led inflation.
The dollar fell against the yen, while US 10-year treasury yields hit record lows. Italy on Sunday stepped up measures to contain the coronavirus outbreak, ordering a virtual lockdown across much of its wealthy north on Sunday. In little more than two weeks, the number of recorded coronavirus cases in Italy has surged to 7,375, with 366 deaths, as the number of cases worldwide has climbed above 110,000, with 3,800 deaths.
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