Reuters reports that three of the world’s largest gold refineries said today that they had suspended production in Switzerland for at least a week after local authorities ordered the closure of non-essential industry to curtail the spread of the virus.
The Federal Reserve also committed to more aggressive measures. It will keep buying assets to keep the market functioning.
Gold is up 7% from the start of the day. The precious metal hit a low of $1,488 ounce early this morning and finished the day $100 higher at $1,588 ounce.
Silver is also up, too, moving about 12% higher to $14 ounce.
The precious metals have had some help. Many gold producers, such as Newmont and Osisko Gold Royalties, have withdrawn 2020 guidance due to mine operation disruptions to limit the spread of COVID-19.
Pan American Silver Corp. (NASDAQ, TSX: PAAS), which last week temporarily suspended operations at four mines in Peru, has now curtailed operations in Argentina and Bolivia also as a result of the COVID-19 pandemic, the company announced Monday.
Kitco / ABC Flash Point Mineral News 2020.
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