PRECIOUS-Gold gains as markets count economic toll from coronavirus

(Updates prices)
* Dollar eases from four-month peak
* Global shares fall as death toll exceeds SARS

By Sumita Layek
Feb 10 (Reuters) - Gold rose to a near one-week high on
Monday as mounting concerns about the impact of China's
coronavirus lifted the appeal of safe-haven assets, after the
number of casualties exceeded 900.
Spot gold XAU= was up 0.2% at $1,572.88 per ounce by 1304
GMT, having hit its highest since Feb. 4 at $1,576.21 earlier in
the session. U.S. gold futures GCv1 were 0.2% higher at
$1,575.80.
Global shares fell as the death toll from the outbreak
exceeded the SARS epidemic of nearly two decades ago, weighing
on risk sentiment. MKTS/GLOB
"The focus on the economic fallout from the continuous
spreading of the virus in and outside of China is supporting
gold," Saxo Bank analyst Ole Hansen said, adding prices could
continue to see upward momentum.
Bullion is considered a safe asset in times of political and
economic turmoil.
Further supporting bullion, the dollar .DXY eased from
four-month highs against a basket of rivals, making gold cheaper
for holders of other currencies. USD/
Worries about the economic toll from the virus remained even
as workers began to return to work in China after the government
eased some restrictions, and data showed China's January
producer and consumer prices rose. "Economic data is not worth anything until we start to get
data reflecting the latest changes or developments," Hansen
said.
The world's second-largest economy has suffered since late
last month from prolonged business closures, lockdowns and
travel restrictions due to the outbreak amid the Lunar New Year
holidays, a peak time for travel and business.
The World Health Organization has sent a team of
international experts to Beijing to help investigate the
epidemic. On the technical front, "gold now faces the resistance level
of $1,575, and a clear surpass of this level could open space
for further rallies, with a first target of $1,600," ActivTrades
chief analyst Carlo Alberto De Casa said in a note.
Palladium XPD= gained 2.2% to $2,366.62 an ounce, silver
XAG= rose 0.6% to $17.78 and platinum XPT= was up 0.7 to
$971.16.