Gold rises 1% on safe-haven appeal but set for weekly drop [Reuters]
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Source: Reuters
Gold rises 1% on safe-haven appeal but set for weekly drop (Reuters) - Gold prices rose 1% on Friday as safe-haven buying offset a rush for cash amid fears over the economic hit from the coronavirus, but bullion was headed for a second weekly drop as investors sold the metal to meet margin calls in other assets. Spot gold rose 0.8% to $1,481.30 per ounce by 0328 GMT after a 1% fall in the previous session and was en route to post a near 3% decline for the week. U.S. gold futures climbed 0.5% to $1,486.50. “Gold continues to maintain its safe-haven properties, and has been performing better than other commodities,” said John Sharma, an economist with National Australia Bank. “However, with deep fears of an impending coronavirus-induced recession, investors are flocking to cash, treasuries and the dollar, and shedding some gold holdings to cover margin calls.” Asian shares sought a reprieve following gains on Wall Street, while the dollar was set for its biggest weekly rise since the 20
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