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Gold holds gains amid virus worries

KUWAIT: The price of gold remained on an upward trajectory last week, rising as much as $1,590, as apprehension over the spread of coronavirus led to greater investment. The price of gold hit its highest level since April of 2013 early last month, as investors sought to avoid risk assets following a spike in tensions between the US and Iran.

The coronavirus outbreak has triggered risk sell-offs and is expected to provide a lift to the price of gold, as the price of an ounce should fluctuate between $1600 to $1610, according to a report by local firm Sabaek Al-Kuwait. Silver hit $18.20 per ounce, after earlier reaching its highest since early September at $18.85, the report showed. – KUNA

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