Gold drops over 1% after hitting 7-year high

Tuesday, 25. February 2020 07:52

The price of gold dropped over 1% on Tuesday after hitting a 7-year high yesterday in dollars, and fresh all-time highs in euros, British pounds, Swiss francs and Japanese yen.

In business news, Apple resumed work in 29 of its retail stores in Mainland China on Monday, out of 42 in the region in total, while Huawei presented its foldable smartphone Mate Xs. Meanwhile, European stock markets traded higher in premarket today despite the coronavirus fears.

In dollars, spot gold price dropped 1.29% at 1:45 am ET, selling for $1,638.50 per ounce. At the same time, price of gold fell 1.31% in euros to go for €1,509.84 per ounce.

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Baha Breaking the News (BBN) / ND