Gold closes higher on fears over deadly virus outbreak

Gold prices rose on Thursday, amid mounted fears about the outbreak of the deadly coronavirus after infecting hundreds in China and spreading to other countries.

China revealed more than 400 of infected cases of the deadly coronavirus, and the death toll increased to 17, with the US, Saudi Arabia, Scotland and several other countries also announced infected cases.

Otherwise, the dollar index rose against a basket of major currencies by 0.2% to 97.6 points at 19:56 GMT, after it hit a high of 97.8 and a low of 97.4.

The World Economic Forum in Davos, Switzerland continued today, and US Treasury Secretary Steven Mnuchin stated that the European Union will face tariffs on its exports to the US if it imposed a digital tax on US tech companies.

Gold futures (due February) gained 0.6% to close at $1,565.4 an ounce (the highest since Jan. 7), with a day high of $1,576.5 and a low of $1,551.3.