The sharp decline in morning trading on Thursday put Wall Street on pace for its worst week since the global financial crisis in 2008, as coronavirus infections accelerated and health officials confirmed that a California man contracted the disease despite having no travel links or contacts with those afflicted by the virus.
Gold may see a moment in the sun as investors turn to safe haven assets.
Goldman Sachs boosted its forecast for gold to $1800 from $1600. “In the event that the virus effect spreads to Q2, we could see gold top $1,800/oz already on a 3-month basis,” it noted.
Gold is trading near a seven-year high due to fears around the coronavirus.
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