Gold Edges Lower as Worries Over China Virus Ebb

Palladium prices on the rise, outperforming rival precious metals, up 20% so far this year

by Myra P. Saefong and William Watts
Market Watch

Gold futures traded slightly lower Wednesday, lacking support as some equities markets in Asia and the U.S. climbed, and traders weigh the potential economic impact of an outbreak of a potentially deadly virus in China.

“The financial markets no longer appear to be viewing the coronavirus in China with such grave concern…The Chinese authorities announced measures today that are intended to prevent the further spread of the virus. Apparently this has somewhat reassured the markets,” said Daniel Briesemann, analyst at Commerzbank, in a note.

Gold for February delivery on Comex was down $1.10, or 0.07%, at $1,556.80 an ounce, while March silver was up 4.7 cents, or 0.3% at $17.855 an ounce.

U.S. benchmark stock indexes headed higher on Wednesday, joining a positive tone for many global equities markets and dulling demand for haven gold.

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