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Gold hits seven-year high as virus sends traders in search of safety

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Italy quarantines a quarter of its population and Chinese trade data is much worse than expected

Gold bars are seen in this file photograph. Spot gold touched its highest since December 2012 at $1,702.56 on Monday. Picture: REUTERS

“It is a massive flight to safety as the Chinese trade data was really bad, much worse than expected, Italy quarantined a quarter of their population [due to the coronavirus] and stock markets are down,” said Jeffrey Halley, a senior market analyst at Oanda. Meanwhile, Italy ordered a virtual lockdown across much of its wealthy north on Sunday, in an attempt to contain the outbreak, which will affect about 16-million people and stay in force until April 3.

 

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