Shanghai gold exchange gold T+D fell 0.64 percent to 372.10 yuan per gram in late trading Tuesday. Shanghai gold exchange gold T+D closed down 4.16 yuan, or 1.11 percent, at 369.93 yuan per gram on Tuesday, with a high of 380.98 yuan per gram and a low of 368.06 yuan per gram. Spot gold fell $24.86, or 1.52 percent, to close at $1,634.34 an ounce after hitting a low of $1,627.30 on Tuesday morning in Asia.
Silver T+D on the Shanghai gold exchange closed down 1.63 percent at 4,393.00 yuan per kilogram late Tuesday. Silver T+D on the Shanghai gold exchange closed down 75 yuan, or 1.67 percent, at 4411.00 yuan per kilogram on Tuesday, with a high of 4,544 yuan per kilogram and a low of 4,396 yuan per kilogram. International spot silver started Tuesday morning at $18.62 an ounce, hitting a low of $17.84 and rising as high as $18.65 an ounce to close at $17.98, down $0.62 or 3.45 percent.
Gold fell more than 1 percent on Tuesday as investors took profits after surging to a seven-year high in the previous session, even as worries about the new coronavirus virus continued to make investors anxious about the fate of the global economy.
In late U.S. trading, spot gold fell more than $25 in the short term, losing $1,630 an ounce to a fresh session low of $1,624.88, down nearly $39 from a session high. COMEX gold for April delivery closed down $26.6, or 1.59 percent, at $1,650.0 an ounce.
On Monday, gold surged 2.8 percent to $1,688.66, its highest level since January 2013.
On February 24, 508 new cases were confirmed on the mainland, up from 409 on February 23, bringing the total number of cases diagnosed to 77,658.
The rapid spread of the disease outside China has heightened concerns about its global economic impact, prompting some to bet that the fed will be forced to cut interest rates to cushion the blow.
Countries around the world are stepping up efforts to prevent the outbreak, which originated in China and has spread across Europe and the Middle East, from becoming a global epidemic.
Human trials of a possible new coronavirus vaccine are expected to begin within six weeks, U.S. health officials announced Tuesday. Some analysts believe that this good news or gold late sharp decline behind the reason.
“We’re asking the American public to work with us to prepare for the worst,” a senior CDC official said in a conference call. The meeting outlined what schools and businesses may need to do if the new coronavirus begins to spread across the United States.
Dr. Nancy Messonnier, director of the CDC’s national center for immunization and respiratory diseases, said in a conference call that schools should consider dividing students into smaller groups, or closing schools and using ‘internet-based distance learning.’
The U.S. centers for disease control and prevention confirmed 53 cases late Monday, most of them from passengers withdrawn from the cruise ship diamond princess, which was quarantined off the coast of Japan. According to the data, 36 cases were among ferry passengers, three were infected in wuhan before being evacuated to the us, and most of the rest were contracted while traveling overseas.
In the United States, only two cases have been contracted through human contact, the CDC said.
Late Tuesday, U.S. health officials said the outbreak was likely to become a global pandemic.
“The current global situation suggests that this virus is likely to cause a pandemic,” Anne Schuchat, the CDC’s principal deputy director, said at a news conference.
“It’s not so much whether it will happen again, but when it will happen, how many people in the country will be infected and how many of them will develop serious or more complex diseases, that’s a question,” she added.
“As the outbreak spreads to other countries and regions, and if renewed in China, the impact on growth will continue into April, gold could rise to the $1,650 – $1,700 level,” ubs analysts wrote in a note.
Gold in euros and sterling both retreated from record highs hit on Monday.