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.
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...
Gold prices were little changed on Wednesday as technical support on expected dovish monetary policy from central banks offset revived appetite for riskier assets and an upbeat dollar.
Spot gold was down 0.1% at $1,555.73 an ounce at 13:22 GMT. U.S. gold futures dipped 0.2% to $1,555.50.
Investors will keep a close eye on the European Central Bank™s first policy meeting of the year on Thursday, while the Fed™s first meeting is scheduled for Jan. 28-29.
Lower interest rates reduce the...