Gold Glitters as Coronavirus Crisis Intensifies

NEWS SUMMARY: Precious metal prices rose Friday on safe-haven buying despite a firmer dollar. U.S. stocks fell after March job data was the worst since the last financial crisis.

YAHOO FINANCE---The aggravation of coronavirus pandemic with each passing day has left investors scurrying for safe-haven assets as they remain apprehensive regarding the recovery of global economic growth and its consequent impact on stock markets. This, in turn, has triggered a demand for gold, which is considered as a key investment option during times of financial turbulence....Buying pressure on gold is likely to remain robust with investors focusing on precious metals as a store of wealth and hedge against market turmoil at least for the next few months. The present scenario of gold price soaring despite a surge in U.S. dollar index has left several economists and financial experts perplexed. Usually, a strong U.S. dollar weakens demand for other dollar-denominated gold bullion. However, the northbound movement of both safe-haven assets highlights the impact of coronavirus on investor confidence."