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 at a more than two-week high on Thursday, as worries surrounding the spread of the coronavirus led to weakness in the U.S. stock market and a fall in bond yields, lifting the haven appeal of the precious metal.
"Appetite towards the precious metal should remain supported by growing fears over the coronavirus outbreak in China," said Lukman Otunuga, senior research analyst at FXTM. "The general uncertainty is likely to accelerate the flight to safety with gold seen testing...
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 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...
Oil prices fell more than 2% on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries outweighed concern over disruptions to Libya's crude output.
Brent crude was down $1.39, or 2.2%, at $63.20 per barrel. U.S. West Texas Intermediate crude fell 2.8%, or $1.64, to settle at $56.74 per barrel.
The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year.