Gold surged over 1% on Tuesday to fetch more than $1,600 an ounce as Apple Inc’s surprise warning about the impact of the coronavirus outbreak fueled concerns about global economic weakness, driving investors to lower-risk assets.
Palladium notched an all-time high, driven by short supplies of the auto-catalyst metal.
Spot gold was up 1.3% at $1,601.04 per ounce, its highest since Jan. 8. U.S. gold futures climbed 1.2% to $1,604.70 an ounce.
“The equity markets are under pressure and gold is still being viewed as a quintessential safe-haven asset as we do get some negative news in this case in regards to coronavirus and its effects on the global economy,” said David Meger, director of metals trading at High Ridge Futures.
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