07.02.202009:57:00UTC+00Gold Holds Steady Amid China Virus Fears

Gold prices held steady on Friday after two days of gains. Risk-off mood prevails in financial markets as the death toll and the number of infections from the coronavirus outbreak continued to soar in China, raising fresh worries about a broader impact on economic growth.

Spot gold edged up 0.15 percent to $1,572.15 per ounce, while U.S. gold futures were up 0.1 percent at $1,572.05 per pounce.

The death toll from the deadly virus currently stands at just under 650 people, including Dr Li Wenliang, who had been threatened by police for warning about the virus early last month.

According to Chinese state media, President Xi Jinping told U.S. President Donald Trump on the phone today that Beijing has "spared no effort in fighting the epidemic" and that "the long-term trend of China's economic development for the better will not change".

China's central bank vowed further support for the world's second-biggest economy after analysts said the outbreak will knock 2 percentage points, or more, off its first-quarter growth, from 6 percent.