Gold prices edged lower yesterday, consolidating near the $1,550 level, ahead of a policy decision by the European Central Bank, although mounting concerns over a virus outbreak in China limited losses.
The euro zone’s central bank will announce its monetary policy decision at 1245 GMT.
Spot gold was down 0,2 percent at $1 556,20 per ounce by 0855 GMT. US gold futures fell 0,1 percent to $1 555,90.
With nearly 600 confirmed cases and 17 deaths in China from the new coronavirus, the World Health Organisation will decide whether to declare a global emergency over the outbreak.
“It looks like the market doesn’t really have the impetus it needs to go one way or another, even the coronavirus outbreak did not give gold a meaningful run,” said Ilya Spivak, a senior currency strategist at DailyFx. — Reuters.