Gold rebounds above 2-week high on fears of coronavirus impact

Gold prices rose on Tuesday, to jump to a 2-week high, on strong safe-haven demand due to escalating fears over the coronavirus economical impact, especially after the US tech giant "Apple" trimmed its revenue guidance during Q1 this year.

Gold prices rose 0.3% to $1,589.32 an ounce, after opening at $1,584.47, and hitting an intraday low of $1,582.38.

The yellow metal lost 0.2% yesterday, to post its first daily loss in 3 days, and pull back from a 2-week high of $1,584.97 on profit taking,  and a slowdown in safe-haven demand, following a rebound in most global stock markets after China implemented new stimulus measures.. 

The US tech giant, Apple, trimmed its revenue forecasts for the first quarter of this year, and attributed that to the coronavirus impact on Chinese sales.

This escalated market's fears over the coronavirus economical impact on major global companies, which spooked investors to focus on safer assets.

Gold stocks at the SPDR ETF remained unchanged yesterday, at the highest level since Oct. 18 at 923.99 metric tonnes.