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Corona virus affects gold

UNITED STATES (OBSERVATORY NEWS) — Gold prices fell on Friday, as investors sought details on the severity of the Corona virus in China.

Spot gold fell 0.2% to $ 1560.24 an ounce by 05:59 GMT, but was on track for a 0.2% rise in the week.

US gold futures fell 0.3% to $ 1560.40.

Asian stocks rose after the World Health Organization statement on Thursday, which said that the new virus in China does not yet constitute a global emergency.

But investors are still worried about the virus spreading ahead of the lunar new year, a peak period for travel and gold demand in the region.

Data Thursday showed that the number of Americans applying for unemployment benefits rose less than expected last week, indicating the continued strength of the labor market.

The yellow metal has also come under pressure, as the dollar index, which tracks the performance of the US currency, hovers against a basket of six competing currencies, hovering near the highest level in a month that it reached in the previous session, after the European Central Bank kept interest rates stable.

With regard to other precious metals, palladium fell 0.6% to $ 2446.48 an ounce, and is heading towards recording the worst weekly performance in five weeks, falling by 1.3%.

Silver fell 0.1% to $ 17.79, and is heading towards the largest weekly decline since early December by 1.1%, while platinum settled at $ 1001.86, and is down 1.5% per week, its worst performance since the week ending December 20.

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