Gold price soars as virus spreads

KITCO-- "Gold prices are sharply higher early Monday not only because investors are seeking safe havens as the coronavirus keeps spreading around the world, but also because they are starting to factor in the potential for central-bank rate cuts to offset any economic damage from the outbreak, analysts said...Gold appears to be on the verge of going parabolic - rising roughly $100 in the last week....'Concerns about the Covid-19 virus, which is now spreading rapidly in countries such as Italy and South Korea, are driving up risk aversion among market participants and allowing gold to soar higher and higher,' said Daniel Briesemann, analyst with Commerzbank....'Right now, because of the spread of the coronavirus into different cities, people are starting to panic,. said Phil Flynn, senior market analyst at Price Futures Group. 'They are going into a full-court press into gold...as concerns are growing that people see the virus potentially damaging economies and economic growth around the globe. There are concerns that countries will have lower interest rates, thereby devaluing their currencies. That is making gold an attractive, safe haven.'....The virus has killed more than 2,400 people and infected more than 75,000 in China and has been spreading to other countries...The World Health Organization reported more than 1,400 cases in 28 countries outside of China."