2020.01.2310:00:00UTC+00Gold Prices Inch Lower Ahead Of ECB Decision

Gold prices edged lower on Thursday as markets braced for the European Central Bank's first policy decision of the year, where the bank's president, Christine Lagarde, is expected to launch a broad review of policy that is likely to see her redefine the central bank's main goal.

Spot gold slipped 0.3 percent to $1,554.05 per ounce, while U.S. gold futures were down 0.2 percent at $1,553.45.

No big changes are expected from the meeting as a result of stabilizing activity and inflation data.

Investors also keep an eye on the new coronavirus outbreak in China that has spread from Wuhan to several Chinese provinces.

Deaths from the virus rose to 17 on Wednesday, with nearly 600 cases confirmed. Market participants remain worried about the contagion as the week-long Lunar New Year holidays starts on Friday, when millions of Chinese travel domestically and abroad.