2020.03.0510:08:00UTC+00Gold Prices Inch Higher In Cautious Trade

Gold prices inched higher on Thursday amid safe-haven buying fueled by worries about the spread of coronavirus around the world.

Spot gold rose half a percent to $1,645.14 per ounce, while U.S. gold futures were up 0.2 percent at $1,646.15.

The virus showed no signs of abating, with Italy confirming that it will shut all schools for 10 days.

California declared a state of emergency as a cruise ship was held off the coast over fears of a new outbreak.

Elsewhere in South Korea, total infections stood at 6,088. Japan is to impose two weeks' quarantine on arrivals from its neighbor, while Australia announced an entry ban on foreigners who have recently been in South Korea.

China's deaths from the new COVID-19 illness have surpassed 3,000 though new cases have fallen steadily.

China and Japan have agreed to postpone President Xi Jinping's visit, expected in April, because of coronavirus worries.

The U.S. dollar edged lower today amid expectations for even more monetary easing by the Federal Reserve in order to stave off the economic fallout from the spreading coronavirus outbreak.

The Fed delivered a 50-basis point emergency rate cut on Tuesday, with many traders expecting another rate cut at its upcoming meeting in March.