Business

Coronavirus outbreak spurs stampede into gold havens

The stars have aligned for gold as concerns that the coronavirus outbreak may damage growth, hurt risk assets and add to pressures for easier monetary policy combine to trigger a powerful global hunt for havens.

Bullion headed for the biggest weekly gain in over six months on Friday as prices hit a seven-year high. With bond yields in retreat and real US interest rates sinking further into negative territory, gold-backed exchange-traded funds (ETFs) posted a record run of inflows.

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