Gold jumped 1 per cent on Monday to a near three-week high as growing concerns that the coronavirus outbreak could impact the global economy pushed investors to safe havens. Spot gold was up 0.8 per cent at $1,582.41 per ounce by 1025 GMT, having earlier touched its highest since Jan. 8. US gold futures rose 0.7 per cent to $1,582.10 per ounce. "Risk aversion is pushing up gold prices. Weekend news showed that (the coronavirus) is still spreading in many countries across the globe and this could impact economic activity and market sentiment," Commerzbank analyst Carsten Fritsch said. Safe-haven flows were such that a US dollar holding near two-month highs scaled in the previous session was doing little to deter gold buying, despite it making greenback-denominated bullion costlier for investors holding other currencies. The death toll from the coronavirus outbreak has risen to 81 in China, with 2,744 confirmed cases, and the virus has spread to more than 10 countries, including the … [Read more...] about Gold gains 1% as virus fears fan growth worries
Lebanon gold price
Gold climbed to a near three-week high on Monday as mounting concerns over the economic fallout of the coronavirus outbreak sent investors scurrying for safe havens. Spot gold was up 0.4 per cent at $1,577.31 per ounce by 1:50 p.m. EST (1850 GMT). Prices rose to $1,586.43, the highest level since Jan. 8, earlier in the session. US gold futures settled 0.3 per cent higher at $1,577.4 per ounce. "Safe-haven buying has been triggered by this virus in China and we're seeing a big sell-off in equity markets ... It's mostly panic, the markets are looking at the prospect of the Chinese economy slowing down," said Edward Meir, analyst at ED&F Man Capital Markets. "We could hit the recent highs above $1,600s if this thing deteriorates." The death toll from the coronavirus outbreak has risen to 81 in China, with 2,800 confirmed cases, and the virus has spread to more than 10 countries, including the United States and France. US stocks opened more than 1 per cent lower, while US 10-year … [Read more...] about Gold hits three-week high as virus fears spur flight to safety
U.S. 2-year, 10-year and 30-year Treasury yields were little changed. Earlier, they hit two-week lows after the Bank of Canada held interest rates steady and opened the door for possible easing amid an economic slowdown, rekindling worries about global growth. … [Read more...] about Stocks edge up, oil drops as China virus worries abate
By Nishant Kumar, Javier Blas and Suzy Waite If an oil trader so good that he was known as “God” can’t win in today’s markets, it’s hard to imagine who can. Andy Hall is closing down his main hedge fund after big losses in the first half of the year, according to people with knowledge of the matter. His flagship Astenbeck Master Commodities Fund II lost almost 30 percent through June, a separate person with knowledge of the matter said, asking not to be identified because the details are private. The capitulation of one of the best-known figures in the commodities industry comes after muted oil prices wrong-footed traders from Goldman Sachs Group Inc. to BP Plc’s in-house trading unit. At least 10 asset managers in natural resources have closed since 2012, including Clive Capital LLP and Centaurus Energy LP. Goldman Sachs reported its worst-ever result trading commodities in the second quarter. “I’m shocked,” said Danilo … [Read more...] about What made this oil trader known as ‘God’ fall to Earth?
Ariana is nominated in five categories for this year's ceremony including Album Of The Year, Best Pop Vocal Album for thank u, next, Record Of The Year and Best Pop Solo Performance for 7 Rings and Best Pop Duo/Group Performance for Boyfriend with Social House. … [Read more...] about Cardi B is elegant in a sheer Mugler gown at the Grammy Awards… after her risque red carpet appearance with husband Offset at Clive Davis’ pre-Grammy gala