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| AU yeah! Gold surges more than 2% hitting 7-year highs | |
| (32 minutes later) | |
| Investors are rushing to buy the safe haven yellow metal after rising fears over the spread of the coronavirus epidemic triggered panic sell-offs on Asian and European markets. | Investors are rushing to buy the safe haven yellow metal after rising fears over the spread of the coronavirus epidemic triggered panic sell-offs on Asian and European markets. |
| The price of gold surged more than two percent on Monday, hitting record levels since February 2013. Gold for April delivery on Comex reached $1,691.7 per troy ounce before slightly falling back later in the session. Meanwhile, spot gold was also up around 2.5 percent. | The price of gold surged more than two percent on Monday, hitting record levels since February 2013. Gold for April delivery on Comex reached $1,691.7 per troy ounce before slightly falling back later in the session. Meanwhile, spot gold was also up around 2.5 percent. |
| Silver prices also posted gains on Monday, with contracts for March rising 1.7 percent to $18.84 per ounce. | Silver prices also posted gains on Monday, with contracts for March rising 1.7 percent to $18.84 per ounce. |
| Earlier on Monday, key Asian indices suffered heavy losses, with South Korea’s benchmark Kospi hitting the lowest point in two months, Hong Kong’s Hang Seng losing 1.75 percent, and China’s Shanghai Composite falling 0.28 percent. Japan’s markets were closed for a public holiday on Monday. | |
| Worries over the coronavirus outbreak also pushed European stocks down, with the pan-European STOXX 600 down 3.7 percent, reaching the lowest since the end of January. Both German and French key indices were down nearly 3.8 percent as of 11:33 GMT, while the FTSE 100 Index lost around 3.5 percent. | |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |