Gold prices edged higher on Tuesday to hover near a two-week high as fears grew over the coronavirus’s impact on the global economy and businesses.
Spot gold rose 0.4 percent to $1,587.58 per ounce, while U.S. gold futures were up 0.3 percent at $1,590.55.
Investor sentiment remains fragile after Apple Inc became the latest company to warn of trouble from the coronavirus outbreak, saying it would not meet its guidance for March-quarter revenue because of slower iPhone production.
The death toll from China’s coronavirus epidemic climbed to 1,868 as 98 more people died.
Health officials in China published the first details on nearly 45,000 cases of coronavirus infection, saying more than 80 percent cases have been mild and new ones seem to be falling since early this month.
Separately, the World Health Organization (WHO) said that – with a mortality rate of around 2 percent — COVID-19 was “less deadly” than other coronaviruses such as Severe Acute Respiratory Syndrome (SARS) or Middle East Respiratory Syndrome (MERS).
However, global experts warn it is too early to say the outbreak is being contained.
GHTime Code(s): nc