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Gold Jumps Almost 7% on Week for Biggest Week in 11 Years

ForexMar 06, 2020 03:53PM ET
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© Reuters.

By Barani Krishnan 

Investing.com - Gold jumped almost 7% on the week, its biggest weekly gain in 11 years, as the yellow metal’s prices neared $1,700 per ounce amid growing fears over the coronavirus contagion that drove investors worldwide toward safe havens.

Gold futures for April delivery on New York’s COMEX settled up $4.40, or 0.3%, at $1,672.40 per ounce. For the week, gold futures jumped 6.7%, their biggest weekly gain since 2009. April gold earlier hit a session high of $1,690.65, coming less than $10 of gold bugs’ target of $1,700.

Spot gold, which tracks live trades in bullion, was at $1,672.29 by 3:45 PM ET (20:45 GMT), down 9 cents, or 0.01%. The session high was $1,692.12.

For the year, gold futures were up 9%, while bullion climbed 10%, as the coronavirus claimed nearly 3,300 lives worldwide and infected 100,000 more. In the United States, where the pandemic is steadily growing, 14 people have died and more than 200 have been infected.

Gold Jumps Almost 7% on Week for Biggest Week in 11 Years
 

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Comments (5)
William NESS
William NESS Mar 06, 2020 7:40PM ET
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While none of us knows the future, it seems like a reasonable expectation that, as Andrew Carson says, $1700 will be in the rearview mirror soon enough. Perhaps some of us who are a little more sanguine on Gold's advance may soon see $1750 retreating into the mirror as it  drives ahead to $1800!  Who knows?  Good luck to all of you who got in early.
Eric Haberman
Eric Haberman Mar 06, 2020 7:27PM ET
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gold is toast for a decade, soon, very weak, especially silver
Fa Zakee
Fa Zakee Mar 06, 2020 7:27PM ET
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You probably sold this?
Gamer Turtle
GamerTurtle Mar 06, 2020 5:23PM ET
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under 1200 to 1690, if you think you're just on time for a good ride, then you got a long way to go before putting your money into forex.
Mo Ali
Av8er31 Mar 06, 2020 5:17PM ET
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To the windows to the wall !
Andrew carson
Andrew carson Mar 06, 2020 11:52AM ET
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$1700 will be in the rearview mirror soon enough.
 
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