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PRECIOUS-Gold steady as fears of China virus epidemic mount

Published 23/01/2020, 02:50
© Reuters.  PRECIOUS-Gold steady as fears of China virus epidemic mount
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Jan 23 (Reuters) - Gold prices held steady on Thursday, as

rising fears over the spread of China's new flu-like virus

supported the safe-haven metal.

FUNDAMENTALS

* Spot gold XAU= was flat at $1,558.93 per ounce by 0127

GMT. U.S. gold futures GCv1 rose 0.3% at $1,561.00.

* China's new flu-like virus claimed 17 lives and the cases

of infection confirmed in more than 540 cases, leading the city

at the centre of the outbreak to close transportation networks

and urge citizens not to leave. * The World Health Organization said it will decide on

Thursday whether to declare a global emergency over the

outbreak. * Adding to concerns, China will start celebrating the Lunar

New Year from this weekend, where hundreds of millions travel to

the country for holidays.

* Asian shares fell over the virus scare, while the yen

rose. MKTS/GLOB USD/

* European Central Bank President Christine Lagarde is set

to launch a broad review of its policy on Thursday that is

likely to see her redefine the ECB's main goal and how to

achieve it. * On the Brexit front, Britain moved a step closer to its

Jan. 31 exit from the European Union when the legislation

required to ratify its deal with Brussels passed its final stage

in parliament on Wednesday. * Gold production in Russia rose 16.2% in the first 11

months of 2019 to 337.26 tonnes from 290.3 tonnes in the same

period a year earlier, Russia's finance ministry said on

Wednesday. * In other precious metals, palladium XPD= advanced 1.1%

to $2,499.44 an ounce, silver XAG= remained unchanged at

$17.82 per ounce and platinum XPT= edged lower by 0.1% to

$1,011.15.

DATA/EVENTS (GMT)

1245 EU ECB Refinancing, Deposit Rates Jan

1330 US Initial Jobless Claims Weekly

1500 EU Consumer Confid. Flash Jan

2350 Japan Bank of Japan releases minutes of

monetary policy meeting

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