🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

PRECIOUS-Gold eases as markets assess risks from China virus

Published 01/22/2020, 10:04 AM
Updated 01/22/2020, 10:08 AM
© Reuters.  PRECIOUS-Gold eases as markets assess risks from China virus
XAU/USD
-
XAG/USD
-
GC
-
SI
-
DXY
-
XPT/USD
-
XPD/USD
-

Jan 22 (Reuters) - Gold prices fell on Wednesday, as the
dollar firmed and investors assessed the risk of a global
epidemic from a coronavirus outbreak from China that could have
an impact on economic growth.

FUNDAMENTALS
* Spot gold XAU= fell 0.3% to $1,553.27 per ounce by 0133
GMT. On Tuesday, prices rose to a near two-week peak before
declining as much as 1%.
* U.S. gold futures GCv1 were down 0.3% at $1,553.30.
* The toll from the Wuhan coronavirus in China rose to six
deaths on Tuesday and the first case was reported in the United
States, sending markets tumbling on fears of economic damage as
tourists canceled travel plans and airports stepped up screening
* Investors worried about the threat of contagion as
hundreds of millions travel for the Chinese Lunar New Year
holidays, which peak over the coming weekend.
* Weighing on gold, the dollar .DXY firmed against a
basket of currencies, making gold more expensive for holders of
other currencies. USD/
* Asian stocks steadied although investors remained on edge
over the possible consequences of a global pandemic. MKTS/GLOB
* U.S. Treasury Secretary Steve Mnuchin said on Tuesday
fresh trade deals with China, Mexico and Canada this month could
boost the U.S. economy and that growth would outperform
projections, including those by the International Monetary Fund.
* China's gold consumption fell for the first time in three
years in 2019, as high prices and an economic slowdown hit
buying in the world's biggest market for the metal. * Ivory Coast produced a record 32.478 tonnes of gold in
2019, up 35% from 24.06 tonnes in 2018, data from the mine and
geology ministry seen by Reuters showed on Tuesday. * South African miner Gold Fields Ltd has hired investment
bank RBC Capital Markets to explore the sale of a 30% stake in
its gold project in northern Chile, two sources said.
* In other precious metals, palladium XPD= dipped 0.7% to
$2,386.00 an ounce, silver XAG= fell 0.4% to $17.70 per ounce
and platinum XPT= slipped 0.7% to $992.15.

DATA/EVENTS (GMT)
0745 France Business Climate Mfg Jan
1500 US Existing Home Sales Dec

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.