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Gold Inches Up As China Virus Spreads

Gold prices rose slightly on Thursday as risk sentiment remained fragile ahead of a World Health Organization (WHO) emergency committee meeting today to discuss whether the coronavirus constitutes a global health emergency. Spot gold edged up by 0.2 percent to $1,579.46 per ounce, after having risen 0.7 percent in the previous session.

U.S. gold futures were up half a percent at $1,578.15. Investors remain concerned about the extent of the economic damage that the coronavirus may ultimately inflict, in China or around the world. "There is likely to be some disruption to activity in China and globally," Federal Reserve Chairman Jerome Powell said on Wednesday.

"It's very uncertain how far it will spread and what the (economic) effects will be in China, for its trading partners, and around the world.. We are very carefully monitoring the situation." Preliminary figures showed that China now has more cases of the coronavirus that it had of SARS.

Powell's comments about a low inflation outlook also added to the precious metal's appeal. "We're not satisfied with inflation running below 2 percent, particularly at a time such as now where we're a long way into an expansion and a long way into a period of very low unemployment when in theory inflation should be moving up," Powell said in the post-meeting press conference after the policy statement was released.
 

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Gold Futures Settle Higher On Safe-haven Appeal

Gold prices rose on Thursday as investors shunned riskier assets and sought the safe-haven asset amid rising worries about the fast spreading coronavirus and its potential impact on the global economy. According to Chinese health officials, the coronavirus outbreak has killed 170 people and infected more than 8,100. The cases of the mysterious new coronavirus worldwide now outnumber the infections saw during the entire SARS outbreak of 2002 and 2003.

A Chinese government economist estimated that the outbreak could cut China's first-quarter growth by one point to 5% or lower. Global equities declined sharply and U.S. 10-year treasury yields have eased to near 4-month lows. Meanwhile, the dollar index was down 0.17% at 97.82, edging lower from overnight 97.99.

Gold futures for April ended up $13.20, or about 0.8%, at $1,589.20 an ounce, the highest settlement for the most-active contract since early April 2013. Silver futures for March ended up $0.505 at $17.992 an ounce, while Copper futures for March settled at $2.5275 per pound, down $0.0305 from previous close. In U.S. economic news, a report released by the Labor Department showed fist-time claims for U.S. unemployment benefits decreased from to 216,000, from an upwardly revised 223,000 in the previous week. Economists had expected jobless claims to inch up to 215,000 from the 211,000 originally reported for the previous week. A report from the Commerce Department said U.S. economic growth in the fourth quarter continued at the same pace as in the previous quarter, climbing 2.1%. That was in line with economist estimates.
 

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Gold Prices Mixed As US Advises Against Travel To China

Gold prices were mixed on Friday after the World Health Organization declared the coronavirus outbreak a global health emergency, but said it wasn't recommending measures that unnecessarily interfere with international trade or travel. Spot gold rose 0.45 percent to $1,580.74 per ounce, while U.S. gold futures were down 0.2 percent at $1,580.10.

The death toll in China from the new coronavirus rose to 213 today, as more countries announced plans to evacuate their citizens from Wuhan, ground zero of the deadly virus. The United States issued a Level 4 warning, its highest, urging Americans to avoid travel to China as a wave of panic and infections increase.

On the data front, surveys out of China showed signs of stabilization in the world's second-largest economy. Official data showed the manufacturing sector in China fell into stagnation in January - posting a manufacturing PMI score of 50.0, down from 50.2 in December. The non-manufacturing index came in with a score of 54.1, beating forecasts for 53.0 and up from 53.5 in the previous month. Results of a private manufacturing PMI survey by Markit/Caixin will be released on Monday.

Elsewhere, the British pound held firm after jumping on Thursday as the Bank of England confounded market expectations by not cutting interest rates. After three and a half years of political turmoil, Britain officially ends its 40-year membership of the European Union at 11 pm today.
 

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Gold Prices Mixed As US Advises Against Travel To China

Gold prices were mixed on Friday after the World Health Organization declared the coronavirus outbreak a global health emergency, but said it wasn't recommending measures that unnecessarily interfere with international trade or travel. Spot gold rose 0.45 percent to $1,580.74 per ounce, while U.S. gold futures were down 0.2 percent at $1,580.10.

The death toll in China from the new coronavirus rose to 213 today, as more countries announced plans to evacuate their citizens from Wuhan, ground zero of the deadly virus. The United States issued a Level 4 warning, its highest, urging Americans to avoid travel to China as a wave of panic and infections increase.

On the data front, surveys out of China showed signs of stabilization in the world's second-largest economy. Official data showed the manufacturing sector in China fell into stagnation in January - posting a manufacturing PMI score of 50.0, down from 50.2 in December. The non-manufacturing index came in with a score of 54.1, beating forecasts for 53.0 and up from 53.5 in the previous month. Results of a private manufacturing PMI survey by Markit/Caixin will be released on Monday.

Elsewhere, the British pound held firm after jumping on Thursday as the Bank of England confounded market expectations by not cutting interest rates. After three and a half years of political turmoil, Britain officially ends its 40-year membership of the European Union at 11 pm today.
Ada kaitan jgk ek.
 

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Gold Prices Fall As China Cuts Rates, Injects Liquidity

Gold prices fell on Monday after China's central bank and other regulators announced a slew of targeted measures aimed at helping companies, banks and individuals. Spot gold dropped 0.75 percent to $1,577.76 per ounce, after having touched its highest since Jan. 8 at $1,591.46 earlier in the day. U.S. gold futures were down 0.35 percent at $1,582.55. The coronavirus that originated in Wuhan has a confirmed death toll of 361 inside mainland China as of Sunday, surpassing the 349 deaths caused by the 2002-03 SARS epidemic.

To relieve pressure on the economy from a rapidly spreading virus outbreak, China's central bank unexpectedly lowered the interest rates on reverse repurchase agreements and pledged to inject $174 billion of liquidity into markets. On the data front, Chinese factory activity expanded at its slowest pace in five months in January while industrial firms posted their first annual decline in profits in four years in 2019, separate reports showed. Elsewhere, the final eurozone manufacturing PMI rose to 47.9, its highest since March last year and up from December's final reading of 46.3.
 

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Gold Futures Settle Lower

Gold prices edged lower on Monday, as investors sought riskier assets such as equities following recent weakness. A firm dollar contributed as well to gold's decline. The dollar index, which rose to 97.89, was last seen at 97.81, up 0.43% from previous close. Gold futures for April ended down $5.50, or about 0.4%, at $1,582.40 an ounce.

On Friday, gold futures for April ended down $1.30, or 0.08%, at $1,587.90 an ounce. Silver futures for March ended down $0.342 at $17.670 an ounce, while Copper futures for March ended down $0.0100 at $2.5070 per pound. In economic news, U.S. manufacturing activity unexpectedly expanded for the first time in several months in January, according to a report released by the Institute for Supply Management on Monday.

The ISM said its purchasing managers index surged up to 50.9 in January after slipping to a revised 47.8 in December, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to show a more modest increase to a reading of 48.5, which would have still indicated a contraction.

Data released by the Commerce Department showed an expected drop in construction spending in the month of December. The report said construction spending dipped by 0.2% to an annual rate of $1.328 trillion in December after climbing by 0.7% to a revised rate of $1.330 trillion in November.

The modest pullback came as a surprise to economists, who had expected construction spending to increase by 0.5%. Earlier on Monday, the People's Bank of China lowered its seven-day reverse repo rate to 2.4% from 2.5% in an unscheduled move. The previous move in this rate was a five basis points reduction in November, the first cut since October 2015. The central bank also cut the 14-day reverse repo rate to 2.55% from 2.65%. This rate was lowered last in December, by five basis points. The PBoC also injected a total CNY 1.2 trillion yuan into money markets on Monday through reverse repo deals.
 

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Gold Futures Decline Sharply, Settle At 2-week Low

Gold prices drifted down sharply on Tuesday as investors chose riskier assets such as equities amid hopes the Chinese central bank will come up with more stimulus measures to boost growth. The dollar's continued strength thanks to fairly encouraging economic data, contributed as well to the yellow metal's decline.

The dollar index rose to 98.01 before retreating slightly to 97.97, up 0.16% from previous close. Gold futures for April ended down $26.90, or about 1.7%, at $1,555.50 an ounce, the lowest settlement in more than two weeks. On Monday, gold futures for April ended down $5.50, or 0.4%, at $1,582.40 an ounce.

Silver futures for March ended down $0.109 at $17.561 an ounce, while Copper futures for March ended up $0.0350 at $2.5420 per pound. China's central bank unexpectedly lowered the interest rates on reverse repurchase agreements by 10 basis points on Monday as part of efforts to relieve pressure on the economy from a rapidly spreading coronavirus outbreak. Markets now expect the bank to announce more stimulus measures to boost growth.

In U.S. economic news today, data released by the Commerce Department showed new orders for U.S. manufactured goods spiked by more than anticipated in the month of December. The data said factory orders surged up by 1.8% in December after tumbling by a revised 1.2% in November. Economists had expected factory orders to jump by 1.2% compared to the 0.7% decrease originally reported for the previous month. Durable goods orders soared by 2.4% in December after plunging by 3.1% a month earlier.
 

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Gold Prices Give Up Early Gains

Gold prices gave up early gains to turn flat on Wednesday after reports of breakthrough in coronavirus treatment. A leading British scientist has made a significant breakthrough in the race for a coronavirus vaccine by reducing a part of the normal development time from "two to three years to just 14 days", Sky news reported. The vaccine will be too late for this current outbreak but it will be crucial if there is another one, Sky said. Separately, China's Changjiang daily reported that a research team at Zhejiang University had found two new drugs that can effectively "inhibit coronavirus".

Spot gold was little changed at $1,555.75, after falling 1.5 percent on Tuesday. U.S. gold futures were also trading flat at $1,555.15. The downside was capped after a private sector survey showed that growth in China's services sector slowed for a second straight month in January. Elsewhere, data out of Europe proved to be a mixed bag.

PMI data out of the Eurozone pointed to an improvement in the economy and a measure of the U.K. service sector rebounded at a faster-than-estimated pace in January, while Eurozone retail sales declined more than expected in December on weak food and non-food product sales. White House economic adviser Larry Kudlow conceded on Tuesday that the spread of the Wuhan coronavirus in China will affect its ability to purchase massive amounts of U.S. goods and services as part of the phase one trade deal that is set to take effect this month.
 

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Gold Rises As Chinese Death Toll Reaches 563

Gold prices rose slightly on Thursday as the death toll from the coronavirus outbreak in mainland China soared to 563, with thousands of people trapped on quarantined cruise ships in Hong Kong and Japan. Spot gold rose 0.4 percent to $1,568.95 per ounce, after having fallen to a more than two-week low of $1,546.90 in the previous session.

U.S. gold futures were also up 0.4 percent at $1,568.75. China said it has lodged diplomatic protests with countries whose airlines have cancelled flights to Chinese cities alleging that they are spreading panic in the wake of deadly coronavirus. "We deplore and oppose those countries who went against WHO's professional recommendations and ICAO's bulletins and have lodged stern representations with them," foreign ministry spokesperson Hua Chunying said. Initially, there was some optimism around the measures put in place by China's authorities to deal with the outbreak to support their economy.

There were also reports of a breakthrough treatment for the coronavirus. World Health Organization officials, however, damped down expectations of imminent breakthroughs in the development of vaccines or treatments for the virus outbreak that has sparked fears of an economic slowdown in China.
 
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