Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.2% to close under $1,558 as traders took profits from six straight weeks of higher prices. The metal dropped as low as $1,546 early in the session before rebounding on news that a highly contagious virus has spread from China to the US, boosting haven demand.

The Center for Disease Control announced the first case of the Wuhan coronavirus in the US, raising concerns about a possible global outbreak. The number of cases in China doubled to more than 800 over the weekend, with six reported deaths.

Thought to be like SARS, which infected some 8,000 people and killed more than 750 in 2002-03, the virus spread quickly to Japan, Thailand, and South Korea before arriving in the US.

Stocks and Treasury yields fell as investors, bracing for the worst, shifted toward safety. The dollar also slid against major rivals led by the yen and Swiss franc. The euro, not usually considered a haven currency, rose on better than expected economic data from Germany, where investor confidence rose in January.

Gold was also pressured by lower oil prices, which fell 0.5% on concerns about slowing global economic growth and rising supplies. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mostly lower, with silver and platinum dropping 1.5% and 1.7%, respectively, while palladium added 0.4%.

At the Comex close: February gold dipped $2.40 to $1,557.90; March silver lost 27 cents to $17.81; April platinum dropped $17.30 to $1,007.50; and March palladium rose $7.80 to $2,232.70 an ounce.