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AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.


2/13/2020: Gold rises with higher virus toll

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rallied 0.5% to close at a one-week high near $1,579 after a sharp increase in coronavirus infections stoked new concerns about the economic fallout from the pandemic, boosting demand for safe havens. It was the metal's fifth increase in the past six sessions.

One day after Beijing said the deadly virus was nearly contained, almost 15,000 new cases have been confirmed, pushing the total above 60,000, according to Johns Hopkins data. Fatalities also spiked higher, with an additional 242 bringing the toll to 1,367, including a second death in Japan.

The overnight upsurge was attributed in part to a new and more thorough method of diagnostic testing. On a positive note, the director of the WHO said the number of cases outside of China has not increased dramatically.

US equities vacillated between losses and minor gains as traders weighed bad news about the coronavirus against upbeat corporate earnings. Analysts now forecast overall earnings for Q4 2019 to rise by an annualized 2.5%, far above the decline of 0.3% that began the year.

The dollar was little changed against major rivals as losses against the safe-haven yen were offset by gains against the euro and yuan. Yields on benchmark US Treasury notes fell as investors sought safety.

Inflation crept slightly higher as the CPI rose 0.2% in January, mainly on higher rents and clothing costs. Core inflation, which factors out volatile food and energy costs, added 0.25%.

The other precious metals were also higher, with silver climbing 0.7% while platinum and palladium added 0.8% and 1.2%, respectively.

At the Comex close: April gold gained $7.20 to $1,578.80; March silver picked up 12 cents $17.62; April platinum added $7.40, to $974.70; and March palladium jumped $28.50 to $2,351 an ounce.

  

Metal Ask      Change
Gold $2,235.81           Price Change Down Arrow $-2.68
Silver $25.08           Price Change Down Arrow $-0.06
Platinum $918.61           Price Change Down Arrow $-0.56
Palladium $1,051.50           Price Change Up Arrow $0.26
In US Dollars