Precious-Gold rises as coronavirus fears drive investors to safe haven
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Thursday
August 18, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
THURSDAY, AUGUST 18, 2022
Precious-Gold rises as coronavirus fears drive investors to safe haven

Coronavirus chronicle

Reuters
05 March, 2020, 06:30 pm
Last modified: 05 March, 2020, 06:35 pm

Related News

  • Gold price falls by Tk2,275 per bhori
  • Gold gains as dollar, yields slip; focus on US inflation data
  • Malabar set to export gold jewellery from Bangladesh
  • Gold expected to be contained by interest rates and strong dollar
  • Gold investors face bind over bars from tarnished Russia

Precious-Gold rises as coronavirus fears drive investors to safe haven

Reuters
05 March, 2020, 06:30 pm
Last modified: 05 March, 2020, 06:35 pm
File Photo: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. Reuters/Leonhard Foeger
File Photo: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. Reuters/Leonhard Foeger

Gold prices rose on Thursday as coronavirus cases continued to spread around the world, exacerbating concerns about the global economic impact of the epidemic and prompting investors to seek refuge in the safe-haven metal.

Spot gold was up 0.7% at $1,646.73 per ounce by 1056 GMT. US gold futures rose 0.2% to $1,645.80.

"The virus is really taking over... I think the markets are a bit nervous, (gold is) more prone to higher prices and is well supported on the downside," said Afshin Nabavi, senior vice president at precious metals trader MKS SA.

"At the moment, it looks like it's going to have very negative effects on businesses, tourism, travel and smaller businesses. So I think the economy is going to be hurting big time."

The International Monetary Fund said on Wednesday the global spread had crushed hopes for stronger growth this year, while a Fed report showed there were signs the epidemic had begun to weigh on business sentiment in the United States.

European shares fell again on Thursday, taking their cue from US equity futures, which implied a lower open for Wall Street as cases of the coronavirus surged in the United States.

The American coronavirus death toll rose to 11 on Wednesday, and California declared a state emergency. US lawmakers have approved an $8.3 billion emergency bill to help contain the virus.

There are now more than 90,000 "COVID-19" coronavirus cases globally, with over 3,000 deaths.

The European Central Bank is expected to cut interest rates by 10 basis points next week, joining its peers in the United States, Canada and Australia.

The dollar eased against rivals, making gold cheaper for holders of the greenback, while the US 10-year treasury yield fell back below 1%.

Spot gold looked neutral in a range of $1,631-$1,653 per ounce, Reuters technical analyst Wang Tao said.

Meanwhile, palladium slid 3.3% to $2,491.60 per ounce.

"The auto sector supply chain will be impacted by COVID-19. Although, this demand shock is expected to have limited impact on palladium due to a structural deficit backdrop, we see room for further setbacks following the recent rally," ANZ Bank analysts said in a note.

The autocatalyst metal slumped as much as 13% on Feb. 28, following a record run to an all-time high of $2,875.50 the day before due to a stark supply shortfall.

Silver was up 0.3% to $17.23 per ounce, while platinum shed 0.9% to $864.36.

World+Biz / Top News

Gold / Coronavirus

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Eight more banks make unusual gains from forex dealings
    Eight more banks make unusual gains from forex dealings
  • The general view of the city from the top of a hill in Kabul, Afghanistan November 5, 2021. REUTERS/Zohra Bensemra
    Huge explosion hits Kabul mosque, many casualties feared
  • Photo: TBS
    9 arrested over BRT girder crash

MOST VIEWED

  • People walk at a subway station, following the outbreak of the coronavirus disease (Covid-19), in Shanghai, China May 11, 2021. REUTERS/Aly Song
    Two Covid scares cause mayhem in Shanghai
  • File Photo: A woman holds a small bottle labeled with a "Vaccine Covid-19" sticker and a medical syringe in this illustration taken April 10, 2020. Reuters/Dado Ruvic/Illustration
    Variant-adapted Covid vaccine wins first approval in Britain
  • Southern hemisphere to get first mRNA vaccine facility
    Southern hemisphere to get first mRNA vaccine facility
  • North Korea's leader Kim Jong Un greets health workers and scientists struggling with the coronavirus disease (Covid-19) pandemic during a photo session in Pyongyang, North Korea, in this undated photo released on August 10, 2022 by North Korea's Korean Central News Agency (KCNA). KCNA via REUTERS
    North Korea lifts mask mandate, distancing rules after declaring Covid victory
  • A motorist passes by a mural of frontline workers against coronavirus at RK Puram in New Delhi on July 25. Delhi’s Covid-19 recoveries have outstripped new cases on almost all days this month barring a few exceptions, after ramped-up containment and testing efforts over the past month or so. (Sanchit Khanna / HT Photo)
    Delhi to enforce mask mandate again after spurt in Covid cases
  • A general view of the Centers for Disease Control and Prevention (CDC) headquarters in Atlanta, Georgia September 30, 2014. REUTERS/Tami Chappell
    US CDC no longer recommends students quarantine for Covid-19 exposure

Related News

  • Gold price falls by Tk2,275 per bhori
  • Gold gains as dollar, yields slip; focus on US inflation data
  • Malabar set to export gold jewellery from Bangladesh
  • Gold expected to be contained by interest rates and strong dollar
  • Gold investors face bind over bars from tarnished Russia

Features

Photo: Collected

Which Nintendo Switch should you switch to?

1d | Brands
Photo: Collected

Welcome to the age of glass facades

1d | Habitat
Photo: Mumit M/TBS

Why artificial oyster reefs are the answer to our coastal embankments problems

1d | Panorama
Illustration: TBS

Anwar Group: From comb maker to owner of 20 companies

1d | Panorama

More Videos from TBS

Vivo to bring new phone with 'special features'

Vivo to bring new phone with 'special features'

11h | Videos
Can Bangladesh buy fuel oil from Russia?

Can Bangladesh buy fuel oil from Russia?

11h | Videos
Sony launches 'Playstation Backbone' for iPhones

Sony launches 'Playstation Backbone' for iPhones

12h | Videos
High cost of baby food a problem for people with limited income

High cost of baby food a problem for people with limited income

12h | Videos

Most Read

1
From left Afzal Karim, Murshedul Kabir and Mohammad Jahangir
Banking

Sonali, Agrani and Rupali banks get new MDs

2
Photo: TBS
Bangladesh

5 crushed to death as BRT girder falls on car in Uttara

3
Russia now offers Bangladesh finished oil
Energy

Russia now offers Bangladesh finished oil

4
Photo: Collected
Economy

Bangladesh is not in a crisis situation: IMF

5
Dollar price drops by Tk8 in kerb market
Economy

Dollar price drops by Tk8 in kerb market

6
Banks limited to profit highest Tk1 per dollar
Economy

Banks limited to profit highest Tk1 per dollar

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]