2020.02.2010:35:00UTC+00Gold Holds Steady Near 7-year High

Gold prices held steady near seven-year high on Thursday as mainland China reported the lowest number of confirmed cases of a new coronavirus since late January, after making changes to how cases are diagnosed and confirmed in Hubei province, the epicenter of the outbreak.

Spot gold edged up marginally to $1,611.99 per ounce, while U.S. gold futures were up 0.2 percent at $1,614.65.

According to the National Health Commission, China had 394 new confirmed cases on Wednesday, sharply down from 1,749 cases a day earlier and the lowest since Jan. 23.

However, the spread of coronavirus to other parts of the world such as South Korea and Japan rekindled worries about a global contagion.

There were over 70 confirmed cases in Japan as of Wednesday, the third highest number after China, while South Korea reported 31 new cases of the new coronavirus today, bringing the total number of infections here to 82.

The dollar traded firm after the latest FOMC meeting minutes signaled growing optimism about the U.S. economy.

China's yuan fell to the weakest this year versus the dollar after the People's Bank of China cut its benchmark lending rate to support an economy hit by the coronavirus epidemic.