Gold prices edge higher on coronavirus worries
· Gold prices inched up on Wednesday after a sharp drop in the previous session, as a virus outbreak from China spread further and the death toll neared 500, although risk appetite was buoyed by Beijing’s efforts to mitigate its economic impact.
· Spot gold was up 0.2% to $1,555.41 per ounce by 0050 GMT. Prices declined over 1.5% on Tuesday to their lowest since Jan. 21 at $1,548.70. U.S. gold futures rose 0.2% to $1,558.40.
· The coronavirus outbreak claimed its first life in Hong Kong, compounding the international financial center’s problems after anti-government protests, and Macau, the world’s biggest gambling playground, urged casinos to shut their doors.
· China’s death toll from the coronavirus rose to 479 by the end of Feb. 4, Chinese state television reported.
· The White House’s top economic adviser said on Tuesday that the coronavirus would delay a surge in U.S. exports to China expected from the Phase 1 trade deal set to take effect later this month.
· Chinese policymakers are readying measures to support an economy jolted by the outbreak that is expected to have a devastating impact on first-quarter growth, policy sources said.
· Global shares gained ground on China’s stimulus measures to boost its economy.
· A report from the U.S. Commerce department showed a rise in new orders for U.S.-made goods by the most in nearly 1.5 years in December, flattered by robust demand for defense aircraft even as underlying softness remains.
· India’s gold imports in January plunged 48% from a year earlier to their lowest in four months as a rally in local prices to near-record highs prompted buyers to curtail purchases, a government source said.
· Burkina Faso’s gold production probably fell slightly last year due partly to security problems and attacks targeting industrial miners, the country’s mines minister said.
· Palladium fell 0.4% to $2,423.50 an ounce, silver inched up 0.1% to $17.60, and platinum fell 0.7% to $956.50.
Reference: CNBC
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