Gold Steady as Investors Weigh Virus Fears, U.S. Data

Thursday, 6 February 2020 12:28 WIB



Gold was steady as investors weighed concerns about the impact of the coronavirus on growth with data that showed resilience in the U.S. economy, painting a mixed picture for the haven asset.

Health officials raced to develop treatments and improve testing for the new virus that has now claimed 563 lives in China, though the World Health Organization cautioned that a vaccine is a long way off. Travel restrictions remain in place as the number of cases rise, and there are concerns Chinese jewelry demand may be hit as consumers stay home to avoid infection.

Meanwhile in the U.S., companies added more jobs than forecast in January and business activity firmed in the services sector. Separately, the Senate voted to acquit President Donald Trump on charges he abused his power and obstructed Congress, and China said it will halve tariffs on some $75 billion of imports from the U.S. later this month.

Spot gold -0.1% to $1,553.87/oz at 12:36pm in Singapore; +0.2% Wednesday.

Source : Bloomberg




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