Feb 12 (Reuters) - Gold prices were flat on Wednesday as
equities ticked up after China's senior medical adviser
suggested the coronavirus epidemic may be over by April,
although uncertainty over the impact of the outbreak supported
the safe-haven metal.
FUNDAMENTALS
* Spot gold XAU= was flat at $1,567.62 per ounce by 0051
GMT. U.S. gold futures GCv1 edged 0.1% higher to $1,570.90.
* China's senior medical adviser said that the virus
outbreak may be over by April, with the latest number of new
infections falling to the lowest since Jan. 31. However, the
death toll surpassed 1,100. * Asian stocks inched up as investors felt that the worst of
a virus epidemic in China may have passed, but investors remain
wary of the spread of infectious disease. MKTS/GLOB
* The virus, now officially named COVID-19, has already
taken a toll on China's economy, as companies said they plan to
lay off workers and seek loans totalling billions of dollars to
soften the impact from the outbreak. Federal Reserve Chair Jerome Powell told Congress on
Tuesday that the U.S. economy is in a good place, even as he
cited the potential threat from the coronavirus in China and
concerns about the economy's long-term health. * U.S. President Donald Trump's national security adviser,
Robert O'Brien, acknowledged that the coronavirus outbreak could
impact the Phase 1 trade deal between the United States and
China, a CNN reporter said on Twitter on Tuesday. * Holdings of the world's largest gold-backed
exchange-traded fund SPDR Gold Trust GLD rose 0.67% to 922.23
tonnes on Tuesday. GOL/ETF
* Russian gold miner Polyus said it was investing in a new
generation of projects, boosted by strong gold prices and higher
output from the full ramp-up of its Natalka deposit in Russia's
Far East. * Palladium XPD= inched up 0.1% to $2,344.20 an ounce,
silver XAG= was flat at $17.64, and platinum XPT= shed 0.3%
to $966.41.
DATA/EVENTS AHEAD (GMT)
1000 EU Industrial Production MM, YY Dec
1200 Brazil Retail Sales YY Dec
1200 India Industrial Output YY Dec
1500 US Federal Reserve Chairman Jerome Powell testifies
on the semi-annual monetary policy report to Congress