Gold Steady as Investors Gauge Virus' Impact

Gold prices stayed pretty much put on Friday after easing from a more than one-week high as investors assessed the risks to the global economy from the coronavirus epidemic.

Spot gold was unchanged at $1,575.69 U.S. an ounce early Friday having earlier touched its highest since Feb. 4 at $1,577.89 U.S. For the week, bullion has so far gained about 0.3%.

U.S. gold futures were flat at $1,578.90 U.S.

Meanwhile, Chinese authorities on Thursday reported 121 new deaths and 5,000 new coronavirus cases in mainland China with economists scaling back growth expectations for the world’s second-largest economy as they assess the impact of the outbreak.

Among other precious metals, palladium rose 0.7% to $2,440.31 U.S. an ounce, and looked to register its best week since the week ended Jan. 17, gaining more than 5%.

Silver, meanwhile, gained 0.3% to $17.68 U.S., while platinum was up 0.5% at $972.16 U.S., and was set to gain for a second straight week.