Gold Holds Drop as Investors Weigh Demand Concern, Fed

Wednesday, 12 February 2020 15:48 WIB



Gold held a decline as investors weighed concerns that the spreading coronavirus will curb physical demand against comments from Federal Reserve Chairman Jerome Powell on the fallout from the epidemic.

Sales of gold jewelry in China are set to plummet this year as the damage from the virus widens. The outbreak, which has killed more than 1,100 people, is one of the risks threatening the U.S. and world economy, Powell said Tuesday. He stopped short of saying the virus had changed the Fed's baseline outlook, or the expectation among many members that rates will remain on hold this year.

Spot gold -0.1% to $1,565.79/oz at 6:50am in London; -0.3% Tuesday. Silver -0.4% to $17.5787/oz. Platinum -0.2% to $970.40/oz. Palladium -0.1% to $2,348.98/oz.

Source : Bloomberg


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