Gold advanced on demand for haven assets as the Chinese province at the center of the coronavirus epidemic reported a surge in new cases after revising the method for counting infections, blunting investors’ optimism that the outbreak may be on the wane.
Some risk-off sentiment returned to markets, with Asian equities dipping and futures on the S&P 500 dropping after the index hit a record on Wednesday. The death toll in China rose to at least 1,355 as the number of fatalities in Hubei more than doubled to 242 for Feb. 12. The province said there were almost 15,000 new cases after it revised data to include “clinically diagnosed” cases.
Spot gold as much as +0.4% to $1,572.66/oz and was at $1,570.19 at 10:19am in Singapore.
Source : Bloomberg