Gold prices finish higher on Friday, ending at the highest settlement in about three weeks as a viral outbreak originating out of China continued to grow.
February gold closed $6.50, or 0.4%, higher at $1,571.90 an ounce on Comex. The metal also marked a weekly gain of 0.4%.
China has moved to restrict movement of some 46 million people in and out of cities near the center of the outbreak, while also canceling Lunar New Year events as the number of infections continued to rise.
Oil posted its worst week since May as the coronavirus outbreak continues to pressure prices.
A slowdown in China's economy would impact demand because China is the world's largest crude oil importer, after importing a record 10.12 million barrels per day in 2019, according to data from the General Administration of Customs. China is also the second-largest oil consumer, behind the United States.
On Friday, U.S. West Texas Intermediate crude futures fell 2.5%, or $1.40, to settle at $54.19....
Stocks ended lower Friday, giving up early gains after authorities confirmed a second U.S. coronavirus case.
The Dow Jones Industrial Average fell around 170 points, or 0.6%, to end near 28,990, according to preliminary figures, while the S&P 500 lost around 30 points, or 0.9%, to finish near 3,295. The Nasdaq Composite closed near 9,315, off around 88 points, or 0.9%.
Analysts said stocks were vulnerable to a pullback as concerns rise about the potential effect of the viral outbreak on...