Commodity News
HeadLine : Gold Again Fails at $1,560 After U.S. Shrugs off Asian Virus Fears
Date : Jan 22 2020
Gold prices fell on Tuesday but stayed well within recent ranges in the lack of major market-relevant developments. Gold futures for delivery on the Comex exchange were down 0.2% at $1,557.55 a troy ounce. Spot gold was down 0.2% at $1,557.86. The metal had risen earlier as Asian and European markets sold off on reports of the spread of the so-called coronavirus in China. The disease has so far claimed only six confirmed deaths, but with Chinese authorities confirming that it can be transmitted from person to person, fears of a SARS-style epidemic, with all its attendant negative impact on growth, have risen. As such, global stocks spent most of the day in negative territory before the U.S. market found buyers for its dip. Downward pressure is all the likelier if the dollar can build on its strong start to the year, he added. The dollar index is up over 1% since the start of the year. Gold still has its advocates, however, in the light of still-elevated uncertainty over the economic outlook. Apart from the coronavirus risk to China, President Donald Trump revived his threats of tariffs against European imports Tuesday as he prepared to meet EU Commission President Ursula von der Leyen in Davos. Elsewhere in metals Tuesday, silver futures fell 1.3% to $17.84 an ounce, while platinum futures fell 1.5% to $1,009.00, bouncing smartly after a brief dip under $1,000.

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