Gold Holds Decline as Investors Weigh Virus Impact

Wednesday, 29 January 2020 08:48 WIB



Gold held a drop as investors weighed the threat from the deadly coronavirus after a rally overnight on Wall Street signaled reduced demand for haven assets.

In the U.S., the S&P 500 added 1% Tuesday as technology shares climbed and traders digested positive U.S. consumer confidence and home price data. Governments tightened international travel and border crossings with China to try to stop the spread of the outbreak that has sickened thousands.

More than 5,900 people have been infected in China, and at least 132 have died. There’s also concern that physical demand for gold jewelry may be hit as locals stay at home to avoid infection.

Spot gold +0.1% to $1,568.61/oz at 8:21am in Singapore; -0.9% Tuesday. Silver steady at $17.4735/oz after -3.5% Tuesday to the lowest in more than a month. Platinum little changed at $987.82/oz. Palladium +0.2% to $2,288.15/oz.

Source : Bloomberg


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