Gold futures ended with a modest loss on Wednesday, lacking support as some equities markets in Asia and the U.S. climbed and while commodities traders weighed the potential economic impact of an outbreak of a serious virus in China.
Gold for February delivery on Comex lost $1.20, or 0.08%, to settle at $1,556.70 an ounce, while March silver added 2 cents, or 0.1%, to $17.828 an ounce following a 1.5% loss Tuesday.
In other metals trading, March palladium rose 4.6% to $2,335.60 an ounce,...
Gold futures settled modestly lower on Tuesday, with some sources attributing the loss to the possibility that a viral outbreak may cut demand for the precious metal as China prepares for its New Year celebrations this weekend.
The Chinese tend to buy more gold for the holiday celebration. Other sources, however, said that a further spread of the coronavirus may eventually support haven buying of gold. CNN reported Tuesday that the U.S. was expected to announce its first case of Wuhan...
Gold was steady in Asia as markets assessed the likely impact of the spread of China™s coronavirus. Palladium extended its decline.
Spot gold -0.1% to $1,556.81/oz at 7:41am in Singapore; -0.2% Tuesday. Bloomberg Dollar Spot Index steady after +0.1% Tuesday.
Other precious metals: Silver little changed at $17.7762/oz, Platinum -0.1% to $999.92/oz, Palladium -0.3% to $2,394.35/oz; prices fell 5.6% Tuesday, biggest loss since Aug. 1.
Gold fell on Tuesday, easing off a two-week peak, as the dollar steadied near a one-month high, although fears of the economic fallout from the coronavirus in China dulled risk sentiment and kept prices supported above the $1,500 an ounce level.
Spot gold was down 0.4% to $1,555.59 per ounce, after hitting its highest since Jan. 8 at $1,568.35 earlier in the session. U.S. gold futures fell 0.3% to $1,555.70 per ounce.
The dollar held near the highest level in nearly a month, making gold...
Oil prices dipped on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle.
Brent crude was down 65 cents at $64.55 a barrel, having hit a session low of $64.06. U.S. West Texas Intermediate crude settled down 20 cents at $58.34, after hitting a low of $57.68 earlier in the day.
Almost all of Libya™s crude export capacity is now under force majeure - a waiver on contractual obligations - after pipeline...