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Gold Futures Settle At Near 3-week High

Gold prices moved higher on Friday as investors sought the safe-haven asset amid mounting fears about the coronavirus outbreak.

However, a firm dollar limited gold's gains. The dollar index, which rose to 97.95, was last seen at 97.86, up 0.18% from previous close.

Gold futures for February ended up $6.50, or about 0.4%, at $1,571.90 an ounce, the highest settlement since January 7.

On Thursday, gold futures for February ended up $8.70, or about 0.6%, at $1,565.40 an ounce.

Silver futures for March ended up $0.284 at $18.113 an ounce, while Copper futures for March settled at $2.6840 per pound, down $0.0420 from previous close.

Gold prices edged lower earlier in the day, reacting to World Health Organization's determination that it is too early to declare the Chinese coronavirus outbreak a Public Health Emergency of International Concern.

However, prices rebounded as fears about coronavirus outbreak resurfaced after the Centers for Disease Control and Prevention confirmed the second case of the virus in the U.S.

The CDC said the patient, a woman in her 60s, recently returned from a trip to Wuhan, China, and is currently doing well and in stable condition.

The public health agency said another sixty-three patients in twenty-two states are being monitored for signs of infection.

Meanwhile, according to reports, China has restricted movement of close to 46 million people in and out of cities near the center of the coronavirus outbreak. The country has also canceled Lunar New Year events as the number of infected cases is on the rise.

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