Gold prices inched higher on Friday and were set to post their biggest monthly gain in five, as the coronavirus epidemic fueled economic slowdown concerns, despite the World Health Organization’s confidence that the outbreak could be controlled.
Spot gold rose 0.2% to $1,576.28 per ounce by 0756 GMT. The metal has gained 3.9% so far this month, on course for its best month since August. U.S. gold futures declined 0.6% to $1,580.10.
The WHO on Thursday declared the coronavirus outbreak a global emergency, however, it opposed restrictions on travel or trade with China and said the actions taken by Beijing can “reverse the tide.”
The new coronavirus has claimed 213 lives so far in China and has spread to at least 22 countries, while paralyzing many provinces in the world’s second-largest economy with lockdowns, travel restrictions and closed businesses.
Source : Reuters