RIO DE JANEIRO, BRAZIL – In search of protection amid the chaos that has set in with the coronavirus epidemic and the collapse of oil prices, investors are turning their attention to gold. Viewed as a safe asset, the commodity reached a high of US$1,700 per troy ounce when markets opened in Asia — the highest figure in the last four years.
However, at 2:42 PM, the price rise had cooled down to 0.22 percent and gold was trading at US$1,675.
According to Yves Bonzon, chief strategist for the Julius Baer Group, gold is not as interesting a protection as US treasury bonds. “Anyway, it’s too late to buy insurance, it’s time to start selling it little by little,” he says in a report.