Concerns Over Apple Impact Due to COVID Fallout... Gold Price Surpasses $1600 for the First Time in 7 Years
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[Asia Economy Reporter Jeong Hyunjin] As Apple’s sales are expected to be hit due to the impact of the novel coronavirus infection (COVID-19), market sentiment favoring safe-haven assets is expanding.
On the 18th (local time), according to Bloomberg News, the price of April delivery gold at the New York Mercantile Exchange (NYMEX) surged more than 1%, surpassing the $1,600 mark. It is the first time in seven years since 2013 that international gold prices have exceeded the $1,600 level.
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Palladium, used as a catalyst in gasoline vehicle exhaust purification systems, also continued its upward trend by hitting an all-time high. The price of palladium, which was around $2,300 on the 12th, exceeded $2,660 on this day. Palladium became the most expensive metal last year in the global commodity market by surpassing gold prices, and its price is rising due to the safe-haven asset preference sentiment.
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