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Gold Prices Trade Higher Amid Continuing Coronavirus Worries 

© Reuters.

Gold prices traded higher on Wednesday in Asia amid continuing worries about the outbreak of coronavirus.

Gold Futures gained 0.5% to $1,563.05 by 1:30 AM ET (05:30 GMT).

On Tuesday, the new virus claimed its first life in Hong Kong, while death toll across China increased to near 500.

Concerns about the economic fallout of the coronavirus outbreak were cited as tailwinds for the yellow metal today. Steve Cochrane, chief Asia Pacific economist at Moody’s Analytics, said in a note that the crisis could reduce China’s first quarter GDP by 1.2%, and around 0.3% for the entire year. A Chinese government economist said earlier that the country’s first-quarter economic growth may drop to 5%.

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