Gold turns lower as concerns ease about China virus

Gold prices pulled back on Friday, as concerns about the outbreak of the Chinese coronavirus receded, and the US dollar rose against most currencies.

The World Health Organization reassured yesterday that there is no reason to declare a global emergency due to the Chinese virus, but stressed that preparations must be made in case of an epidemic.

This came following confirmed cases in the US, Saudi Arabia, Japan and Scotland, while China revealed the virus claimed 25 victims, and more than 800 infected.

The dollar index rose by 0.2% to 97.8 points as of 12:42 GMT, after hitting a high of 97.8 and a low of 97.6.

Gold February futures fell by 0.5% to $1558 an ounce as of 12:41 GMT, with a day high of $1,562.9 and a low of $1,556.8.