AGE Daily Gold Update

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

2/20/2020: Gold rises for seventh session

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose another 0.5% to close at a seven year high above $1,620 as the spread of COVID-19 outside China rattled stock markets and boosted demand for safe havens. It was the metal's seventh straight winning session.

South Korea reported a sharp spike in cases of coronavirus infection, including its first death, while 2.5 million people in the city of Daegu were told not to leave their homes. Japan also reported two new death from the SARS-like illness. More than 75,000 cases and 2130 deaths have been confirmed, mostly in China.

Wall Street fell on the news as investors fretted over the pandemic's impact on global growth. The Dow and S&P 500 dropped 0.4% while the tech-heavy Nasdaq fell 0.7%.

US treasury bonds rallied alongside gold, driving yields lower, as investors fled to safety. Yields on 30-year Treasurys fell close to their all-time low.

The other precious metals were mixed, with silver finishing nearly flat while platinum fell 2.5% and palladium rose 0.1%.

At the Comex close: April gold gained $8.70 to $1,620.50; March silver added less than a cent, to $18.32; April platinum dropped $25.50 to $979; and March palladium picked up $2.70 to $2,573.90 an ounce.