Gold prices surge as coronavirus fears impact on equities. Gold rose more than 2.5% to a seven-year high on Monday of $1,688 per ounce.
(Irish Times) Irish gold brokers GoldCore said on Monday that it had witnessed a massive spike in transactions on foot of the jump in coronavirus cases outside China.
Fears of a global pandemic and the potential disruption to supply chains has sent investors scrambling to the security of gold and government bonds.
“Investors are allocating an increasing portion of their assets to safe haven gold. They fear a recession, systemic risk from banks, negative interest rates and the risk from a stock market crash,” Dublin-based GoldCore’s chief executive Stephen Flood said.