Gold just hit a seven-year high on virus fears

SINGAPORE: Gold traded near a seven-year high on concern that the coronavirus outbreak will retard global growth, coupled with speculation the Federal Reserve will ease monetary policy before the year-end. Palladium held near a record after building on a powerful rally.

Bullion has risen at a time U.S. stocks are at an all-time high even as traders weigh the disease’s impact. While Hubei, the center of the outbreak, reported fewer new cases after another revision, there are signs of deepening economic damage. In addition, two deaths were reported in Iran and two people from a quarantined ship in Japan died, highlighting the threat outside China.