Gold Futures Settle Slightly Lower

Trading 01 fév 2020 Donner votre avis

Gold prices edged slightly lower on Friday, but scored a weekly gain, having moved notably higher in some of the sessions with traders seeking the safe-haven asset amid growing worries about the impact of the coronavirus attack on the global economy.

The dollar eased against some major currencies as worries about the virus outbreak weighed on the currency. The dollar index was down by about 0.4% at 97.47, off the day's low of 97.40.

Gold futures for April ended down $1.30, or 0.08%, at $1,587.90 an ounce.

On Thursday, 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.

Gold futures gained about 3.8% in the week.

Silver futures for March ended up $0.020 at $18.012 an ounce, while Copper futures for March settled down $0.0070 at $2.5170 per pound.

According to Chinese officials, 213 people have died from the coronavirus, while the number of confirmed cases has risen to more than 9,800.

The U.K. and Russia have also confirmed their cases of coronavirus infection, raising concerns about the rapid spread of the disease and the impact on the global economy.

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. More countries announced plans to evacuate their citizens from Wuhan, ground zero of the deadly virus.

The World Health Organization on Thursday declared the coronavirus outbreak a global health emergency, but said it wasn't recommending measures that unnecessarily interfere with international trade or travel.

In U.S. economic news, personal income in the U.S. increased by slightly more than anticipated in the month of December, rising by 0.2% after climbing by a dowardly revised 0.4% in November, according to a report released by the Commerce Department.

Revised data released by the University of Michigan on Friday showed U.S. consumer sentiment unexpectedly improved in the month of January compared to the previously reported deterioration.

The consumer sentiment index for January was upwardly revised to 99.8 from the preliminary reading of 99.1. The index is now up from the final December reading of 99.3.

The upward revision came as a surprise to economists, who had expected the consumer sentiment index to be unrevised at 99.1.

A report released by MNI Indicators showed the Chicago business barometer tumbled to 42.9 in January from a revised 48.2 in December. Economists had expected the business barometer to edge down to 48.8 from the 48.9 originally reported for the previous month.

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