Gold Prices Down Amid WHO’s Comments on Virus Control, China Data
Investing.com
Published Jan 31, 2020 01:23AM ET
By Alex Ho
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Investing.com - Prices of the safe-haven gold traded lower on Friday after the World Health Organization (WHO) expressed in China’s ability to control the virus outbreak. China’s positive PMI data also pushed gold prices lower.
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Gold Futures were down 0.7% to $1,572.27 by 1:22 AM ET (05:22 GMT).
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The WHO declared on Thursday that the coronavirus epidemic in China now constitutes a public health emergency of international concern. However, the organization noted that travel and trade ban is not necessary, while Director-General Tedros Adhanom Ghebreyesus praised China’s handling of the outbreak.
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Zhang Ming, a government economist at the Chinese Academy of Social Sciences, said on Wednesday that China’s economic growth may drop to 5 percent or even lower this year due to the coronavirus.
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On the other hand, IMF spokesman Gerry Rice said China and the rest of the world could rebound quickly in its aftermath, as noticed during the 2002-2003 SARS contagion, which also originated in China.
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Written By: Investing.com
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