The Brexit marathon is officially over! Industrial and commercial bank of China fell in early Asian trading on Saturday

Industrial and commercial bank of China fell in early Asian trading on Saturday. Spot gold started Friday morning at $1,574.04, dipping as low as $1,570.52 and rising as high as $1,590.20 to close at $1,588.70, up $14.68 or 0.93%. Spot international silver started Friday’s Asian session at $17.82 an ounce, dipping as low as $17.76 an ounce and rising as high as $18.08 to close at $18.02, up 20 cents or 1.12 percent.

Gold rallied strongly on Friday, on track for its biggest monthly gain in five years as fears of a coronavirus slowdown supported the metal.

Spot gold closed up $14.68, or 0.93 percent, at $1588.70 an ounce after touching the $1590 mark late in the session. Gold is up 4.73 percent this month, on track for its biggest gain since August. COMEX gold for April delivery closed down $1.30, or 0.08 percent, at $1,587.90 an ounce.

The world health organization declared the coronavirus outbreak a global emergency on Thursday, but it opposes restrictions on travel or trade with China and says it believes the country can contain the outbreak.

In addition, according to People’s Daily, on the afternoon of January 31, the White House held a press conference on the new coronavirus outbreak, and the US secretary of health and human services Alex Azar declared the new coronavirus outbreak to be a public health emergency in the US.

He also announced that foreigners who have visited China in the past 14 days (other than U.S. citizens and immediate family members of permanent residents) will be temporarily barred from entering the country starting at 5 p.m. Est on February 2.

Starting Feb. 2, any U.S. citizen who has visited China’s Hubei province in the past 14 days will be subject to mandatory quarantine for up to 14 days, U.S. officials said at the briefing.

U.S. citizens who have visited other parts of mainland China in the past 14 days will be screened for entry, monitored for up to 14 days and quarantined.

The US also plans to centralize all flights from China to seven airports in New York, Chicago, San Francisco, Los Angeles, Seattle, Atlanta, and Honolulu.

“Gold prices continue to be supported by the virus and its potential to have a negative impact on the global economy,” Saxo Bank analyst Ole Hansen said.

“However, while the coronavirus uncertainty is affecting other markets, such as equities, gold is still unable to rise due to a lack of new buying.”

So far, the virus has killed 213 people in China and spread to at least 22 countries. Many provinces in the world’s second-largest economy have suspended production because of blockades, travel restrictions and business shutdowns.

Global equity markets have struggled to gain a foothold as hopes grow that China could bring the coronavirus under control. U.S. stocks suffered a sharp sell-off Friday, with the dow Jones closing down more than 600 points.

Meanwhile, surveys showed factory activity and business services in China were stable this month.

“Concerns in Wuhan should ensure it is unlikely to fall below $1,560 before the end of the week,” Jeffrey Halley, senior market analyst at OANDA, said in a note.

In Europe, Britain formally left the European Union an hour before midnight, ending a marathon Brexit that has taken more than three years.

At 23:00 local time on January 31 (24:00 Brussels time on January 31, 07:00 Beijing time on February 1), the UK officially left the European Union, becoming the first country in history to leave the eu.

The Brexit marathon lasted more than three years (two elections and three prime ministers), starting with the Brexit referendum in 2016.

An 11-month transition period will begin immediately after the UK formally leaves the eu, ending on December 31. During this period, the UK and the eu will conduct negotiations on the future relationship, among which reaching a free trade agreement is the most important. According to the analysis, it will be very difficult to negotiate a free trade agreement in less than one year.

Fundamentals of positive factors

To date, the coronavirus has caused 213 deaths in China and has spread to at least 22 countries. According to the global times, by the evening of January 31, 9,811 cases of the new coronavirus pneumonia had been confirmed in China, with 213 deaths and 214 cures, and 15,238 suspected cases. From 0:00 to 24:00 on January 31, 2020, there were 1,347 new cases of pneumonia infected by the new coronavirus in Hubei province and 45 new deaths in the whole province. 50 new cases were discharged from the hospital.

U.S. GDP grew 2.1% in the fourth quarter, the same as in the third quarter, and in line with the expectations of economists surveyed by dow Jones. Still, preliminary estimates released by the Commerce Department on Thursday showed the economy expanding at 2.3 percent for the full year, down from 2.9 percent in 2018 and 2.4 percent in 2017, Mr. Trump’s first year in office.

  1. U.S. jobless claims for the week ended January 25, released on Thursday, were revised to 223,000 from 211,000, with 216,000 expected.
  2. The federal reserve left interest rates unchanged as expected on Wednesday, offering no new guidance on its balance sheet, but Powell noted that “the outlook remains uncertain, including the uncertainty caused by the new coronavirus.” As fed chairman colin Powell’s remarks continued, traders raised their bets that the central bank would ease policy in 2020. A rate cut would put downward pressure on the dollar index, and gold is expected to get a boost.

The monthly index of pending home sales, released on Wednesday, fell 4.9 percent in December and is expected to rise 0.7 percent, compared with a 1.2 percent gain, as the supply of homes hit a record low.

According to figures released by the US department of commerce on Wednesday (29 January), the deficit in goods trade was $68.3 billion in December, up from $63 billion in November. The US trade deficit in goods widened in December for the first time in four months, just three months after an upturn in trade patterns that helped boost economic growth.

On Tuesday, U.S. core capital goods orders fell by the most in eight months in December as weak shipments showed business investment contracted for the fourth straight quarter, dragging on overall economic growth. U.S. orders for non-defense capital durable goods excluding aircraft rose to a minus 0.9 percent monthly rate in December as demand for machinery, primary metals and electrical equipment, household appliances and components fell.

New U.S. home sales for December totaled 694,000 units at an annualized rate, according to data released on Monday. The forecast is for 730,000 units, down from 719,000 to 697,000.

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