Gold Prices Continue To Shine As Interest Booms

Gold prices rose further on Thursday as coronavirus cases continued to spread around the world, exacerbating concerns about the global economic impact of the epidemic and prompting investors to seek refuge in the safe-haven metal.

Spot gold was up 1% at $1,651.41 per ounce by 12.35 GMT. US gold futures rose 0.6% to $1,652.40, Reuters reported.

“The virus is really taking over ... I think the markets are a bit nervous, [gold is] more prone to higher prices and is well supported on the downside,” said Afshin Nabavi, senior vice president at precious metals trader MKS.

“At the moment, it looks like it’s going to have very negative effects on businesses, tourism, travel and smaller businesses. So I think the economy is going to be hurting big time.”

The rapid rise of the yellow metal this year has spurred increasing interest. It was reported on Tuesday that a British investor bought £1 million worth of gold using their smartphone in one of the largest trades ever made on the move.

According to BullionVault, the world’s largest online trader of physical gold and silver, the investor bought 23 kilograms of Swiss gold last month for £949,967, making it the firm’s second-largest ever trade made on a mobile device and the largest made via its app.