24.01.202009:41:00UTC+00Gold Edges Lower As Virus Worries Ease

Gold prices edged lower on Friday after the World Health Organization (WHO) stopped short of calling the virus outbreak in China a global emergency and data showed a modest upturn in business activity across Germany's private sector.

Spot gold edged down 0.1 percent to $1,561.53 per ounce, while U.S. gold futures were down 0.3 percent at $1,560.75.

The WHO on Thursday declined to designate the ongoing outbreak of a novel virus in China a global health emergency, saying that, for now, health officials have enough resources to combat the outbreak there and in other countries.

At least 25 people, who were infected by the coronavirus, have died so far as the disease continues to spread.

A firmer dollar also weighed on gold prices. The euro held near a seven-week low after the European Central Bank held rates steady, as widely expected, and signaled loose monetary policy would continue at least until the end of the year.

ECB President Christine Lagarde said that risks surrounding the euro area growth outlook remain tilted to the downside.