News Bites Gold, silver bulls hit the accelerator amid coronavirus fears

27 February
Kitco News:

Gold and silver prices are solidly up in midday U.S. futures trading Monday, but off of their overnight highs, as the coronavirus pandemic has traders and investors worldwide unnerved and seeking out safe-haven metals. Gold scored another seven-year high Monday, while silver futures prices were poised to close at a five-month high close. The negative effects of the coronavirus outbreak on the global economy appear to be increasing.April gold futures hit a new contract high overnight and were last up $29.30 an ounce at $1,678.10. March Comex silver prices were last up $0.355 at $18.885 an ounce.

Markets worldwide are getting rocked by a marked increase over the weekend in trader and investor fears amid the still-growing coronavirus outbreak. Gold is up around $40 an ounce and at a seven-year high, U.S. Treasuries are rallying sharply, the U.S. dollar index is up, crude oil prices are sharply down and much of the rest of the raw commodity sector is feeling selling pressure. Asian and European shares were down overnight. U.S. stock indexes are sharply lower at midday, with the DJIA down over 1,000 points.

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