Bengaluru — Gold prices hit their highest in seven years on Friday and were set to post their best week in one-and-a-half months, as demand for the safe-heaven asset was boosted by a surge in new coronavirus cases in South Korea.
Spot gold rose 0.4% to $1,625.05/oz by 4.09am GMT, after hitting its highest since February 2013 at $1,626.27/oz earlier in the session. For the week, prices have risen 2.5% so far and were set to post their biggest weekly percentage gain since January 3. US gold futures were up 0.4% at $1,627.40. Asian shares fell as news of increased infections in Beijing and abroad sent funds fleeing to the sheltered shores of US assets, lofting the dollar to three-year highs.
Further spread of the epidemic could derail a “highly fragile” projected recovery in the global economy in 2020, the IMF warned on Wednesday.
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