Gold eases as equities edge up, virus concerns cap losses

Spot gold was down 0.1 per cent at $1,574.69 per ounce as of 0427 GMT, having touched its highest since Feb. 4 at $1,577.89 earlier in the session.

“Equities market has shrugged off the bearish sentiment and has started to move higher as investors are reassessing the potential (economic) impact of the virus,” Margaret Yang Yan, a market analyst at CMC Markets said, adding that a strong dollar is also pressuring bullion.

US gold futures also slipped 0.1 per cent to $1,577.80.

Asian shares were on course to post their second straight week of gains, while the US dollar, which has also seen steady interest as a safe haven amid fears over the virus, rose to a more-than four-month high against key rivals.

However, analysts said interest in gold remained intact as the death toll in China’s Hubei province rose by 116, with the total number of cases up by nearly 5,000.

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