Gold’s ‘Cold Blooded’ Gain Shows Virus-Induced Rush Into Havens

(Bloomberg) -- Investors are rushing to the safety of gold amid a selloff in U.S. stocks on mounting concerns the coronavirus outbreak will derail global growth.

Gold jumped as much as 2%, extending its climb to a seven-year high, as the S&P 500 Index headed for its first weekly loss since January. In a sign that the virus is starting to dent the world’s largest economy, business activity in the U.S. shrank in February for the first time since 2013 with the pandemic disrupting supply chains.

“The persistent, cold-blooded and measured shift in gold higher, despite the U.S. dollar, is telling,” Nicky ...