Gold Steady, Oil Gain Amid Virus Breakout – 29 January, 2020
As investors weighed the economic damaged caused thus far by the outbreak of the coronavirus, gold prices slipped 1%. U.S. gold futures dipped 0.3% to $1,565.10 per ounce, while spot gold was steady at $1,565.69 per ounce. A Reuters poll showed that gold prices will hold well above the $1,500 per ounce mark through to 2021 on low interest rates and geopolitical uncertainty. In oil, prices gained for a second day on the possibility of OPEC extending cuts should the virus hurt demand. Brent crude rose 85 cents or 1.43% to $60.36 per barrel. U.S. West Texas Intermediate crude rose 75 cents or 1.4% to $54.23 per barrel.