Gold gains as coronavirus epidemic fuels safe-haven demand

Wednesday, 5 February 2020 21:01 WIB



Gold prices rose on Wednesday, recovering from a sharp drop in the previous session, as safe-haven demand was boosted by worries over a fast-spreading coronavirus outbreak in China.

Spot gold climbed 0.12% to $1,554.1 per ounce, after declining 1.5% on Tuesday - the biggest since early November. U.S. gold futures rose 0.2% to $1,558.60.

The death toll in China passed 490, as two U.S. airlines suspended flights to Hong Kong following the first fatality there and 10 cases were confirmed on a quarantined Japanese cruise ship.

The virus would delay a surge in U.S. exports to China expected from the Phase 1 trade deal that is set to take effect this month, the White House’s top economic adviser said on Tuesday.

Among other precious metals, palladium was up 0.8% at $2,453.93 an ounce, after touching a near two-week peak of $2,463.50 earlier in the session.

Source : Reuters


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