Gold strengthens to a two-week-high

A stack of gold ingots. Picture: 1234RF/LIGHTEFIELDSTUDIOS

Spot gold was up 0.4% at $1,586.32 an ounce as of 2.45am GMT. Earlier in the session, prices touched their highest since February 3 at $1,586.90.“Asian-Pacific markets have opened broadly lower. Investors right now are very concerned about the economic impact of the coronavirus, also on business sentiment and consumer demand,” CMC Markets analyst Margaret Yang Yan said.

The death toll from the virus in mainland China rose by 98, even as its spread slowed with the number of new cases falling below 2,000 as of Monday. However, global experts warned it was too early to say the outbreak is being contained.

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