Gold extends gains amid rising safe-haven appetite

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barrick gold
Gold

Gold futures on the COMEX division of the New York Mercantile Exchange rose for the fourth consecutive session on Monday amid rising safe-haven demand.

The most active gold contract for April delivery went up 6.10 dollars, or 0.39 percent, to settle at 1,579.50 dollars per ounce.

The Dow Jones Industrial Average gained more than 100 points on Monday, with the S&P 500 and Nasdaq Composite Index following Dow’s rise.

However, the gains in stock market failed to curb the rise of gold, as safe-haven demand remains high amid concerns about the impact of ongoing coronavirus outbreak on world economy.

Some market analysts said if investors see continued spreading of the disease outside China, demand for safe-haven assets will soar.

As for other precious metals, March silver rose 9.3 cents, or 0.53 percent, to close at 17.785 dollars per ounce. April platinum fell 2.30 dollars, or 0.24 percent, to settle at 966.90 dollars per ounce. Enditem

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