SINGAPORE: Gold reached a seven-year high as concern over the economic impact of the coronavirus boosted demand for haven assets and fuelled speculation that the Federal Reserve will ease monetary policy before year-end.Copper headed for a third straight decline, while the dollar strengthened and US equities fell after a jump in confirmed infections in South Korea and Japan.
“With US equity valuations elevated, any further upsets could see another bout of volatility, a further rally in government bonds and a higher gold price,” analysts Wayne Gordon and Giovanni Staunovo said in a note. That caused fresh worries alongside new fatalities outside of China, weakening demand for industrial metals.
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