PRECIOUS-Gold flat as new virus cases fall, but
concerns remain
- commodity news
Feb 12 (Reuters) – Gold was little changed on Wednesday, as equities rose after the number of new coronavirus
cases fell, while uncertainty over the economic impact of the outbreak underpinned bullion.
Spot gold XAU= was flat at $1,567.82 per ounce by 0348 GMT. U.S. gold futures GCcv1 edged 0.1% higher to
$1,571.20.
While the death toll exceeded 1,000, China’s foremost medical adviser on the epidemic said infections may be
over by April, with the number of new cases already declining in some places. is consolidating as the current
virus scare is evaporating,” Stephen Innes, chief market strategist at AxiCorp, said.
However, the underlying support for gold remains due to factors including the negative knock-on effects of the
virus, the cumulative impact of existing tariffs following the U.S.-China Phase 1 trade deal, Innes said.