Gold Falls From Two Week High As Safe Haven Bid On Virus and IMF Global Growth Concerns Evaporates

Gold prices rose to a two-week high today prior to giving up the initial gains; Spot gold prices reached their highest since January 8th at $1,568.40/oz prior to falling to $1,550.60/oz

The spread of a new virus in China stoked fears of a wider epidemic in Asia, sparking a sudden bout of risk aversion and sell-off in Asian stocks, European stocks and U.S. stock futures

The International Monetary Fund (IMF) cutting its world growth forecast for 2020 and 2021 is likely also leading to risk aversion and safe haven bids

The World Health Organisation (WHO) has convened an emergency meeting on the virus outbreak in Hong Kong and China

Chinese Lunar New Year celebrations begin this weekend and there is expected to be the traditional strong demand for gold in China and there may be increased demand due to the virus

“The fear of outbreak is going to drive up demand for gold for a couple more days,” one analyst told Reuters (see News below)

Safe-haven bids for gold were seen overnight as three rockets fell inside Baghdad’s Green Zone which houses government buildings, foreign missions including the U.S. embassy and U.S. troops


NEWS and COMMENTARY

Gold climbs to 2-week high as China virus scare spurs safe-haven bid

Gold Edges Higher After IMF Shaves World Growth Forecast

Hong Kong falls beyond 2%, leading losses among major markets following Moody’s downgrade

BOJ holds fire, nudges up growth forecast on receding global risks

Asia shares feel a chill as China virus risks mount

Global stocks stay near record highs; focus turns to central banks, earnings

Surging Swiss franc may have become a gold proxy – Goldman Sachs



GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

20-Jan-20 1559.25 1560.15, 1200.93 1200.38 & 1406.76 1407.72
17-Jan-20 1556.50 1557.60, 1193.21 1195.15 & 1399.60 1402.93
16-Jan-20 1555.20 1554.55, 1190.97 1190.94 & 1393.61 1394.90
15-Jan-20 1551.90 1549.00, 1194.65 1189.01 & 1394.23 1389.14
14-Jan-20 1544.95 1545.10, 1190.69 1188.49 & 1387.83 1389.35
13-Jan-20 1550.35 1549.90, 1194.54 1192.96 & 1394.85 1393.52
10-Jan-20 1548.80 1553.60, 1185.45 1189.28 & 1395.78 1399.64
09-Jan-20 1547.85 1550.75, 1186.89 1188.49 & 1393.99 1396.14
08-Jan-20 1582.85 1571.95, 1206.13 1197.35 & 1421.87 1412.87

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Mark O'Byrne

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