Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  Gold       XAUUSD

GOLD

SummaryQuotesChartsNews 
News SummaryAll newsMarketScreener Strategies

Shares drop, gold surges as investors scurry for safety

share with twitter share with LinkedIn share with facebook
share via e-mail
02/24/2020 | 07:21am EDT

Commuter traffic was gradually increasing in Beijing on Monday (February 24) as more residents returned to work after weeks of quarantine in their own homes.

But the number of coronavirus cases in the city jumped.

Meanwhile South Korea was put on high alert as the number of infections there jumped to 763.

And the number of cases and deaths in Europe and the middle east rose.

Analysts described the latest developments with the virus as 'game-changing'.

Sending shockwaves around global markets, with investors fleeing for safe-haven gold, up over two percent in early trade.

European shares took a beating, with Italy plunging more than 4% after the spike in cases left parts of the country's industrial north in virtual lockdown.

That put Milan on course for its worst day since 2016.

Arthur Brunner is a fixed income specialist at ICF bank:

(SOUNDBITE) (German) DIRECTOR SPECIALIST FIXED INCOME AT ICF BANK, ARTHUR BRUNNER, SAYING:

"The DAX had a very weak start into the new week. The coronavirus and especially its spread to Europe put the markets into a state of shock. Markets across the globe are clearly taking hits. The DAX is currently down 3.3% and in Asia too, losses were similar. There is a fear that the coronavirus will lead to a permanent weakening of the world economy."

The European STOXX 600 wiped off all its 2020 gains.

And London-listed stocks saw $50 billion knocked off companies' market value.

Travel, tourism and luxury stocks continue to be among the worst hit from the health crisis.

As well as sectors that rely on China for their supply chains.

Stocks mentioned in the article
ChangeLast1st jan.
DAX -3.68% 9632.52 Delayed Quote.-27.30%
GOLD -0.80% 1613.26 Delayed Quote.7.18%
ICF 0.00% 94 End-of-day quote.-1.04%
STOXX EUROPE 600 -3.26% 311.4 Delayed Quote.-22.72%
STOXX EUROPE 600 NR -3.25% 676.15 Delayed Quote.-22.29%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on GOLD
03/27Materials Down As Gold Gives Back Some Of Week's Historic Gains -- Materials ..
DJ
03/27INDUSTRIAL AND COMMERCIAL BANK OF CH : Coronavirus pushes London banks to consid..
RE
03/27ANGLOGOLD ASHANTI : Withdraws Guidance, Closes Mines -- Update
DJ
03/27ANGLOGOLD ASHANTI : Withdraws Guidance, Closes Mines
DJ
03/26GOLD : Rand Refinery shuts smelter, reduces gold refining during S.Africa lockdo..
RE
03/24Stocks, gold surge as Congress nears $2 trillion aid package
RE
03/24Stocks, gold surge as Congress nears $2 trillion aid package
RE
03/24Stocks, gold surge as Congress nears $2 trillion aid package
RE
03/24Materials Surge On Hopes That Economic Shutdown Will Be Short-Lived -- Materi..
DJ
03/24Gold supply fears push spot prices far below U.S. futures
RE
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish