Jan 30 (Reuters) - Gold prices inched up on Thursday after
the U.S. Federal Reserve said the new coronavirus outbreak could
hurt China's economy in the short term.
FUNDAMENTALS
* Spot gold XAU= rose 0.1% to $1,578.05 per ounce by 0058
GMT, having gained 0.7% in the previous session. U.S. gold
futures GCv1 climbed 0.5% to $1,577.70.
* The Fed held rates steady on Wednesday, with its Chair
Jerome Powell pointing to continued moderate economic growth and
a "strong" job market, and giving no sign of any imminent
changes in borrowing costs. * Powell said the new coronavirus outbreak is "a significant
thing which will have some effects on the Chinese economy, at
least in the short term." * Foreign governments began flying their citizens out of
China's Hubei province, as authorities said the death toll there
had touched 170. * The World Health Organization said it would reconvene on
Thursday to decide whether the new virus from China constitutes
a global emergency. * President Donald Trump on Wednesday signed a new North
American trade agreement during an outdoor ceremony at the White
House attended by about 400 guests. * The U.S. goods trade deficit rose sharply in December as
imports rebounded and businesses became more cautious on
accumulating inventory. * Global demand for gold fell in the last three months of
last year as sales of gold jewellery, bars and coins declined
alongside purchases by central banks and financial investors,
according to an industry report said. * Australia's Newcrest Mining Ltd posted a 16% fall in
second-quarter gold output due to shutdowns at its Lihir mine.
* Russia's Norilsk Nickel (Nornickel) said on Wednesday its
Global Palladium Fund would deliver three tonnes of palladium
ingots to the market from its current stock to provide a
short-term relief to tight supplies. * Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust GLD rose 0.45% to 903.50
tonnes on Wednesday. GOL/ETF
* Palladium XPD= rose 0.7% to $2,305.21 an ounce, silver
XAG= gained 0.3% to $17.58, while platinum XPT= climbed 0.2%
to $975.70.
DATA/EVENTS (GMT)
0855 Germany Unemployment Chg, Rate SA Jan
1000 EU Consumer Confid. Final Jan
1000 EU Unemployment Rate Dec
1200 UK BOE Bank Rate Jan
1200 UK GB BOE QE Corp Jan
1300 Germany CPI Prelim YY Jan
1300 Germany HICP Prelim YY Jan
1330 US GDP Advance Q4
1330 US Initial Jobless Claims Weekly