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Gold near one-week low as coronavirus fears ease


Wednesday, 12 February 2020 19:56 WIB

GOLDEMASSILVER


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Gold prices inched down to a near one-week low on Wednesday as investors' risk appetite picked up on reports of a decline in new coronavirus cases, although concerns over its impact on the global economy persisted.

Spot gold was down 0.1% to $1,566.31 per ounce, having touched its lowest since Feb. 6 at $1,561.16 earlier. U.S. gold futures were flat at $1,569.60.

Peter Fertig, an analyst at Quantitative Commodity Research, said a recovery in riskier assets like stock markets, and a stronger U.S. dollar were reducing gold's safe haven appeal.

Among other precious metals, palladium slipped 0.7% to $2,324.39 an ounce, silver fell 0.3% to $17.58, having earlier hit its lowest since Jan. 29 and platinum shed 0.4% to $965.34.

Source : Reuters


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