(Kitco News) – Gold prices and equity markets are near session lows as the World Health Organization declared the coronavirus outbreak as a global pandemic.
“All countries must aim to stop transmission and prevent the spread of COVID-19, whether they face no cases, sporadic cases, clusters or community transmission,” The WHO said on Twitter.
"Now that the #coronavirus has a foothold in so many countries, the threat of a pandemic has become very real.
But it would be the first pandemic in history that could be controlled.
— World Health Organization (WHO) (@WHO) March 9, 2020
"In the past two weeks, the number of cases of #COVID19 outside 🇨🇳 has increased 13-fold & the number of affected countries has tripled.
— World Health Organization (WHO) (@WHO) March 11, 2020
The spreading virus is causing economists to downgrade their growth expectations for 2020, which has weigh on equity markets. U.S. indexes are seeing their worst selloff since the 2008 financial crisis.
The Dow Jones Industrial Average is down more than 1,200 points or nearly 5% on the day. The market volatility is also impacting gold prices. April gold futures last traded at $1,6480, down 0.79% on the day. Gold prices are down nearly 3% after hitting a seven-year high above $1,700 an ounce earlier in the week.
Author: Kitco News