Gold prices fell today, Wednesday, with the rise of the dollar and investor lessening the importance of any direct impact on the global economy from the spread of a new strain of the Coronavirus in China.
The spot gold fell 0.4 percent to $ 1551.13 an ounce by 04:24 GMT. On Tuesday, prices fell 1 percent, to their lowest since January 15 at $ 1,545.96.
US gold futures fell 0.4 percent to $ 1551.
Asian stock markets rallied as China’s response to the spread of the virus calmed fears of a global pandemic, although concerns about damaged domestic demand and tourism continued.
Gold is also under pressure as the dollar rose against a basket of currencies, which increases the cost of the yellow metal over the holders of other currencies, according to what Reuters published.
China will celebrate the lunar new year, a major occasion for buying gold in the region, from the end of this week. But investors are worried about infection, as hundreds of millions travel for the New Year holidays.
For other precious metals, palladium advances 0.6 percent to $ 2415.25 an ounce.
Silver fell 0.2 percent to $ 17.73 an ounce, while platinum fell 0.2 percent to $ 997.30.