gold price news : Corona’s havoc wreaked havoc across the world, gold at seven-year high
The corona virus has not only affected the Indian stock market but the stock market around the world. On Monday, along with the global stock markets, Wall Street was seen when the Dow Jones Industrial Average was down by nearly 800 points, or about 3 percent, at the start of trading. Meanwhile, the White House economist said on Monday that the spread of the Corona virus in China will also have an impact on the US economy, although nothing can be said about the effect. Let us tell you that the number of people killed by the corona virus has reached 2600 worldwide and more than 80,000 people are affected by it.
US stock market collapses
Wall Street had a declining trend in early Monday. Wall Street also fell 2.8 percent, or 800 points, to 28,191.85 points in the ten minutes of the start of trading, in view of the decline in other stock markets around the world. With this, the broad-based S&P 500 Dove fell 2.6 percent to 3,252.23 points and the Nasdaq Composite Index dominated by technology companies fell 3.1 percent to 9,282.16 points.
The effect of the corona virus, which started from China, is now beginning to appear in other countries of the world. The effects of the virus have also been observed in South Korea, Italy and Iran. It is also expected to have an impact on the US economy. The White House economist expressed this apprehension on Monday. “I believe that the real threat is the corona virus,” said Tomas Phillipson, acting director of the White House Economic Advisory Council. We don’t know right now but we are following the policy of wait and see. In a national commercial economic conference, he said that this does not mean that the economic shutdown in China will not have any effect, it will happen.
Read also : Role of Stock Market News
The condition of markets in Europe too crisp
The stock markets of Milan and Seoul saw a steep fall on Monday and crude oil prices also fell more than four percent. Meanwhile, gold reached its seven-year high. The index in Milan fell nearly five percent in morning trade after news of an 84-year-old man in the North Lombardy region died of corona virus. This is the third death due to Corona virus in Lombardy. Villages here are sealed and other protective measures have been taken in view of the spread of the disease.
The condition of markets was seen in Europe too. The Frankfurt market share fell by 3.7 percent, London by three and a half percent, Madrid by 3.3 percent and Paris by 3.8 percent. South Korea also has a high death toll from the Corona virus. As a result, Seoul’s stock market has fallen by up to 3.9 percent. The Hong Kong stock market has fallen by 1.9 percent.
Gold at seven-year high – gold price news
In contrast, the price of gold in London bullion market has increased to $ 1,689.31 an ounce. Such a high level of gold was last seen in January 2013. Due to all the turmoil in the market and fear of Corona virus, investors are looking at gold as a safe option. Rasa Mod, director at AJ Bell Investments, said the fear of the Corona virus spreading outside China has increased. Its effect is being seen in the markets globally and due to this, the price of commodities has also seen fluctuations.
Read also : Should I buy an SBI card IPO?
You can contact us for more information