By Justin Pei
Rochester — Gold prices rose on Thursday to a 7 year high as investors turned to the commodity as a safety asset amidst coronavirus concerns in Japan and South Korea which saw increasing number of new cases pop up as well as the first death from the virus in the country.
Gold is now above its January 3rd high of $1,613.30, the highest since March 2013. On Thursday, the price rose to $1,619.90. Dollar Spot gold was up 0.4% at $1,617.52 per ounce while U.S. gold futures rose 0.6% to $1,620.50.
Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund rose 0.2% to 931.60 Tonnes.
SP Angel analyst Sergey Raevskiy stated that “As long as the coronavirus problem is in the headlines, gold prices will be very well supported at current levels, if the situation deteriorates prices can even go higher”.
