THE price of gold on international spot markets has risen above US$1600/oz, marking its highest level since March 2013, on gathering concerns about weakening economic conditions in China.
Gold was trading at US$1601/oz at 11.30 am Western Standard Time, Wednesday, according to gold analysis website Kitco.
Investor sentiment around gold turned bullish in early 2020, with the price of gold taking off from its US$1480/oz launchpad at Christmastime 2019.
Iconic technology company Apple issued a business revenue warning during the US stock market’s Tuesday trading session.
In a quarterly update to investors, the technology company said concerns around the Covid-19 virus outbreak in China is affecting business conditions there.
“Work is starting to resume around the country [after China’s Lunar New Year holiday], but we are experiencing a slower return to normal conditions than we had anticipated,” Apple stated.
“As a result, we do not expect to meet the revenue guidance we provided for the March quarter due to two main factors.”
The first factor identified by the company is that worldwide supply of its iPhone product will be temporarily constrained by the slower-than-expected return to work in China.
The second factor is that demand for Apple products in China has been affected, and many of its Apple stores in the country remain closed.
