ASX opens lower as investors head to gold

Sharemarkets have opened substantially lower this morning after having their best day in two months on Thursday, as investors flock to gold. Australian stocks are down 1.5 per cent, erasing all of the gains made on Thursday in just the first half hour of trading. The biggest losses are coming from the banks as investors flock to safe haven asset gold, which people buy in terms of crisis. Overnight on Wall Street, four per cent of value was wiped off the markets due to the number of coronavirus cases, which rose to 164 people in the US. Image: AP

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