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 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...
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 rose for a third day after the International Monetary Fund trimmed its global growth outlook for this year and as a virus outbreak in China weighed on risk appetite across markets. Palladium dropped more than 3% after hitting a record on Monday.
Spot gold as much as +0.5% to $1,568.67/oz and was at $1,562.53 at 7:35am in London. Bloomberg Dollar Spot Index +0.1%.
The IMF predicted the world economy will strengthen in 2020, albeit at a slightly weaker pace...
Hong Kong shares finished on a negative note Monday as investors cashed in profits following last week's gains.
The Hang Seng index slipped 0.90 percent, or 260.51 points, to close at 28,795.91.
The benchmark Shanghai Composite Index gained 0.66 percent, or 20.29 points, to 3,095.79, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 1.31 percent, or 23.67 points, to 1,829.95.
Source : AFP