Gold inches lower in London
LONDON, Feb 12: Gold edged lower on Tuesday as European stocks surged to record highs and the dollar hit a four-month peak, after a fall in the number of new confirmed cases of coronavirus limited the appetite for lower risk assets and drove buying elsewhere.
Spot gold was down 0.1 per cent at $1,569.80 per ounce by 1301 GMT, having touched its highest since Feb 4 at $1,576.76 on Monday. US gold futures shed 0.4pc to $1,573.40.
Meanwhile, gold in euros eased from a record peak of 1,444.76 euros per ounce hit in the previous session.
"We've this ad-hoc, completely unexpected (virus) factor driving demand for gold, but ultimately the growth prospects are being revised down (and) central banks are still continuing to ease their monetary policy, so the drivers for higher gold prices are there," said SP Angel analyst Sergey Raevskiy.
Last month, Powell flagged the virus outbreak as significant, with effects on the Chinese economy at least in the short term.
Among other precious metals, palladium fell 1.1pc to $2,327.05 an ounce, silver eased 0.1pc to $17.74 and platinum edged 0.1pc higher to $967.09. -Reuters