January 28, 2020 / 2:26 AM / 24 days ago

PRECIOUS-Gold steady as China virus fears offset stronger dollar

Jan 27 (Reuters) - Gold prices were little changed on Tuesday as rising concerns over the fast-spreading coronavirus in China and its economic impact offset a firmer dollar.

FUNDAMENTALS

* Spot gold was unchanged at $1,581.09 per ounce by 0140 GMT. On Monday, prices rose to their highest since Jan. 8 at $1,586.42. U.S. gold futures rose 0.2% to $1,580.90.

* China’s death toll from the coronavirus rose to 106 by the end of Jan. 27 and the total number of confirmed cases increased to 4,515, the National Health Commission said.

* The outbreak is expected to hurt the world’s second-largest economy, as Chinese authorities step up preventive measures, impose travel restrictions and extend the Lunar New Year holidays to limit the spread of the virus.

* Amid concerns of a wider outbreak, the United States and Canada warned against travel to China.

* Asian stocks extended a global selloff as investor fears mounted over the virus outbreak.

* Weighing on bullion, the dollar against a basket of currencies hovered near a two-month high hit in the previous session.

* Investors look forward to the U.S. Federal Reserve’s first meeting of the year starting on Tuesday.

* Data on Monday showed sales of new U.S. single-family homes fell unexpectedly in December.

* Barrick Gold will start to ship gold worth up to $280 million from Tanzania, Chief Executive Officer Mark Bristow said on Monday, after the government lifted an export ban following the resolution of a three-year tax dispute.

* Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.13% to 899.41 tonnes on Monday.

* Palladium advanced 0.6% to $2,282.29 an ounce, having declined to its lowest at $2,258.92 in the previous session. Silver was flat at $18.09, while platinum rose 0.5% to $988.31.

DATA/EVENTS (GMT) 1330 US Durable Goods Dec 1500 US Consumer Confidence Jan U.S. Federal Reserve’s Federal Open Market Committee starts its two-day meeting on interest rates (Reporting by Asha Sistla in Bengaluru; Editing by Subhranshu Sahu)

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