Gold At Record Highs In Euros on Concerns regarding the Euro zone and Global Economy as Virus Spreads

by GoldCore

◆ Gold has risen to new all time record highs in euros at €1,437/oz today due to safe haven demand due to concerns about the Euro zone and the global economy

◆ Gold is consolidating near all time record highs in sterling at £1,210/oz and at seven year highs in dollars at $1,590/oz

◆ Stocks globally fell sharply after the U.S. embassy in Baghdad was hit by missiles and the coronavirus appeared to be spreading rapidly globally; Stocks, oil and most commodities slumped, while gold and silver climbed as the rapid spread of coronavirus spurred traders and investors to seek safe haven assets.

◆ Gold had a record weekly close in euros at €1,421.40/oz on Friday and has gained 5.5% in euro terms this month alone due to concerns about the German and other Euro zone economies and the likelihood of loose monetary policies under Christine Lagarde.

◆ The poor European PMI data on Friday led to further concerns about the outlook for Euro zone economies and increased the likelihood of the ECB reverting to ultra loose monetary policies.

Gold in Euros – 10 Years (Monthly) via GoldCore.com
Source: Goldprice.org

 

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