◆ Gold prices surged to new all time record highs in euros today at €1,456 per ounce as the single currency came under selling pressure.
◆ The record highs are due to safe haven demand due to a weaker euro as the German and eurozone economies slow and on concerns about the impact of a slowing global economy on risk assets.
◆ Gold prices are up over 7% in euro terms so far in 2020, building on the 22.7% gains in euros seen in 2019 (see table below).
◆ Gold is consolidating near seven year highs in dollar terms as investors assess the risks to an already vulnerable debt saturated global economy from the coronavirus epidemic.
◆ Spot gold was flat at $1,576.60 an ounce in afternoon trading, having earlier touched its highest since February 4th at $1,577.90.
◆ This week, gold bullion has so far gained 0.4%, silver is flat, platinum is up 0.7% higher and palladium has surged another 7%.
NEWS and COMMENTARY
Gold prices finish higher as renewed coronavirus fears buoy haven assets
Gold eases from one-week peak as equities gain despite virus fears
German economy ‘flirts with recession’ as fourth-quarter output stagnates
European shares scale record even as coronavirus shows no signs of peaking
Yields tick down as traders balance virus, economic reports
Morgan trader’s spoofing case still could help liberate gold and silver markets
GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)
13-Feb-20 1575.00 1575.05 1213.54 1207.59 1447.27 1450.94
12-Feb-20 1566.75 1563.70, 1206.55 1206.55 & 1434.83 1434.54
11-Feb-20 1567.70 1570.50, 1212.77 1211.33 & 1436.01 1438.26
10-Feb-20 1574.05 1573.20, 1219.26 1215.93 & 1437.11 1439.64
07-Feb-20 1568.30 1572.65, 1212.45 1214.56 & 1432.33 1433.63
06-Feb-20 1564.75 1563.30, 1205.95 1206.71 & 1421.89 1 422.45
05-Feb-20 1552.20 1553.30, 1189.30 1198.22 & 1407.53 1411.79
04-Feb-20 1571.20 1558.35, 1207.62 1196.66 & 1421.62 1411.09
03-Feb-20 1578.85 1574.75, 1207.98 1209.41 & 1426.65 1425.46
