Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.4% to close at above $1,577 as escalating concerns about the global reach of the coronavirus outbreak rattled markets, boosting demand for safe-haven assets. It was the metal's highest Comex close since April 2013.

Cases of the mysterious SRAS-like virus exploded to more than 3,000 in China over the weekend, with a death toll exceeding 80 people. Beijing has restricted travel in more than a dozen cities and cancelled Lunar New Year events to try to contain the spread. Five cases have been reported in the US.

Wall Street tumbled as investors worried about the economic fallout of the virus if it turns into a pandemic. Travel-related stocks like airlines, hotels, and casinos were hardest hit and the Dow and S&P 500 lost 1.2%. Tech stocks also took a beating as the Nasdaq fell 1.5%.

US Treasury bonds rallied alongside gold on flights to safety, knocking yields on benchmark 10-year notes to three-month lows.

Capping gold's gains, the dollar rose along with the yen and Swiss franc on risk aversion in the foreign exchange markets.

The other precious metals were lower, with silver dropping 0.3% while platinum and palladium tumbled 1.9% and 6.2%, respectively.

At the Comex close: February gold $5.50 to $1,577.40; March silver 6 cents to $18.06; April platinum lost $18.90 to $991.70; and March palladium tumbled $142.70 to $2,173.60 an ounce.