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Gold edged down on Friday as the dollar rose and appetite for riskier assets improved after the World Health Organisation tempered fears of a <a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">global coronavirus outbreak</a>.

Spot gold was 0.1 per cent lower at $1,561.18 per ounce by 1039 GMT but holding above the key $1,550 support level and en route to a post small weekly gain of about 0.3 per cent, as bets on easy monetary policy globally and lingering uncertainties on the world stage buoyed appetite for the safe haven.

US gold futures slipped 0.3 per cent to $1,560.80 per ounce. "Gold prices are facing headwinds from gaining equities and a stronger dollar but it is unlikely to fall below $1,520 as a bunch of geopolitical uncertainties still exist," Saxo Bank analyst Ole Hansen said.

European shares gained after the WHO designated the coronavirus outbreak an <a href="https://www.wionews.com/business-economy/global-markets-risk-assets-slip-on-chinese-virus-anxiety-275925">emergency for China</a> but not yet for the rest of the world. However, the spread of the virus ahead of the Lunar New Year, a peak period of travel and gold demand in China, kept investor concerns heightened.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">Gold prices climb to two week high as China flu scare spurs safe haven bids</a>

Further, the dollar hovered close to a more than one and a half month high against a basket of currencies, making gold expensive for buyers holding other currencies. "With a low-interest-rate environment, geopolitical risks and uncertainties such as US President's impeachment, the conditions are still quite conducive to further upside in gold," ANZ analyst Daniel Hynes said.

<img alt="Effects of the virus evident on Chinese public" data-entity-type="file" data-entity-uuid="ba00019e-24c9-469e-a5ba-17cff2a92528" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2861%29_3.jpg" /> 
[&nbsp;Effects of the virus evident on Chinese public (Courtesy: Reuters) ]

After the European Central Bank left rates unchanged on Thursday, investors are looking to the US Federal Reserve's first meeting of the year scheduled on January 28-29.

However in the short-term, "the Libya oil issue and the coronavirus have not helped (gold) much and if this continues, we might see a challenging quarter ahead," Saxo Bank's Hansen said. Libya earlier this week declared force majeure on two major oilfields following a military blockade, and protests escalated in Iraq, pushing investors towards safe-haven assets.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2 per cent to 900.58 tonnes on Thursday. 
Elsewhere, palladium dipped 0.2 per cent to $2,457.10 per ounce and was on track to register its first weekly fall in five at about 0.7 per cent. 
Silver rose 0.3 per cent to $17.84 per ounce but was set to post its biggest weekly decline since early-December at nearly 1 per cent. Platinum rose 0.3 per cent to $1,004.64 but was down 1.3 per cent for the week, its worst since the week ended December 20. 
&nbsp;

Gold edged down on Friday as the dollar rose and appetite for riskier assets improved after the World Health Organisation tempered fears of a global coronavirus outbreak.

Gold edged down on Friday as the dollar rose and appetite for riskier assets improved after the World Health Organisation tempered fears of a global coronavirus outbreak. Spot gold was 0.1 per cent lower at $1,561.18 per ounce by 1039 GMT but holding above the key $1,550 support level and en route to a post small weekly gain of about 0.3 per cent, as bets on easy monetary policy globally and lingering uncertainties on the world stage buoyed appetite for the safe haven. US gold futures slipped 0.3 per cent to $1,560.80 per ounce. "Gold prices are facing headwinds from gaining equities and a stronger dollar but it is unlikely to fall below $1,520 as a bunch of geopolitical uncertainties still exist," Saxo Bank analyst Ole Hansen said. European shares gained after the WHO designated the coronavirus outbreak an emergency for China but not yet for the rest of the world. However, the spread of the virus ahead of the Lunar New Year, a peak period of travel and gold demand in China, kept investor concerns heightened. Also Read: Gold prices climb to two week high as China flu scare spurs safe haven bids Further, the dollar hovered close to a more than one and a half month high against a basket of currencies, making gold expensive for buyers holding other currencies. "With a low-interest-rate environment, geopolitical risks and uncertainties such as US President's impeachment, the conditions are still quite conducive to further upside in gold," ANZ analyst Daniel Hynes said. [ Effects of the virus evident on Chinese public (Courtesy: Reuters) ] After the European Central Bank left rates unchanged on Thursday, investors are looking to the US Federal Reserve's first meeting of the year scheduled on January 28-29. However in the short-term, "the Libya oil issue and the coronavirus have not helped (gold) much and if this continues, we might see a challenging quarter ahead," Saxo Bank's Hansen said. Libya earlier this week declared force majeure on two major oilfields following a military blockade, and protests escalated in Iraq, pushing investors towards safe-haven assets. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2 per cent to 900.58 tonnes on Thursday. Elsewhere, palladium dipped 0.2 per cent to $2,457.10 per ounce and was on track to register its first weekly fall in five at about 0.7 per cent. Silver rose 0.3 per cent to $17.84 per ounce but was set to post its biggest weekly decline since early-December at nearly 1 per cent. Platinum rose 0.3 per cent to $1,004.64 but was down 1.3 per cent for the week, its worst since the week ended December 20.

Gold prices ease after WHO tempers coronavirus fears

Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a <a href="https://www.wionews.com/business-economy/oil-slips-to-62-heads-for-weekly-loss-on-china-virus-concerns-276358">virus in China may spread</a>, curbing travel and oil demand, overshadowed supply cuts.

The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend when millions of Chinese travel.

Global benchmark Brent was down 28 cents to $61.76 at 1115 GMT. The contract is down almost 5 per cent this week, its <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">third consecutive weekly drop</a>. US crude slipped 25 cents to $55.34 and was also on course for a weekly decline.

"One should be prepared for negative surprises when it comes to Chinese demand," said Eugen Weinberg, an analyst at Commerzbank. "The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese." China is the world's second-largest oil consumer so any slowdown in travel would show up on demand forecasts.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">China virus could hit oil prices by $3 per barrel: Goldman</a>

<img alt="Oil pumps - Representative Image" data-entity-type="file" data-entity-uuid="d2fd800a-37ba-4d4c-9158-7b2e721406fa" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-24T181018.874.jpg" /> 
[ Pump jacks operate at sunset (Courtesy: Reuters) ]

Offering some support for prices was the US Energy Information Administration's latest weekly supply report, which on Thursday showed that <a href="https://www.wionews.com/business-economy/oil-slides-2-as-glut-forecast-china-virus-overshadow-libya-disruption-276174">crude inventories fell</a> 405,000 barrels in the week to Jan. 17.

Nonetheless, the upside for prices was limited. Oil inventories in the wider industrialised world are above the five-year average according to OPEC figures, which analysts say is limiting the impact on prices of supply losses.

"Such is the bearish pressure that a raft of ongoing crude supply outages is not gaining much traction," said analysts at JBC Energy in a report. Such outages include the shutdown this week of the bulk of oil supply in OPEC producer Libya.

The prospect of further steps by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, could still offer support. OPEC+ has been mostly limiting supply since 2017 and on Jan. 1 deepened a cut in output.

Saudi Arabia's energy minister said all options are open at the next OPEC+ meeting, which is scheduled for March, including further cuts, Al Arabiya television reported.

The current OPEC+ deal expires at the end of March. Russia's No. 2 oil producer Lukoil expects it to be extended, Interfax news agency cited its chief executive as saying on Thursday.

Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts.

Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts. The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend when millions of Chinese travel. Global benchmark Brent was down 28 cents to $61.76 at 1115 GMT. The contract is down almost 5 per cent this week, its third consecutive weekly drop. US crude slipped 25 cents to $55.34 and was also on course for a weekly decline. "One should be prepared for negative surprises when it comes to Chinese demand," said Eugen Weinberg, an analyst at Commerzbank. "The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese." China is the world's second-largest oil consumer so any slowdown in travel would show up on demand forecasts. Also Read: China virus could hit oil prices by $3 per barrel: Goldman [ Pump jacks operate at sunset (Courtesy: Reuters) ] Offering some support for prices was the US Energy Information Administration's latest weekly supply report, which on Thursday showed that crude inventories fell 405,000 barrels in the week to Jan. 17. Nonetheless, the upside for prices was limited. Oil inventories in the wider industrialised world are above the five-year average according to OPEC figures, which analysts say is limiting the impact on prices of supply losses. "Such is the bearish pressure that a raft of ongoing crude supply outages is not gaining much traction," said analysts at JBC Energy in a report. Such outages include the shutdown this week of the bulk of oil supply in OPEC producer Libya. The prospect of further steps by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, could still offer support. OPEC+ has been mostly limiting supply since 2017 and on Jan. 1 deepened a cut in output. Saudi Arabia's energy minister said all options are open at the next OPEC+ meeting, which is scheduled for March, including further cuts, Al Arabiya television reported. The current OPEC+ deal expires at the end of March. Russia's No. 2 oil producer Lukoil expects it to be extended, Interfax news agency cited its chief executive as saying on Thursday.

Oil falls below $62, weekly loss on China virus concerns imminent

The World Health Organisation is holding a weekly briefing on the deadly coronavirus. Watch the video to know more information:

WHO briefing on China deadly Coronavirus

The deadly Coronavirus continues to spread in China. Wuhan has now shut down public transportation to halter the outbreak. The death toll has almost doubled in a spar of a day and a total of around 17 people have been killed. Watch report:

China's deadly Coronavirus spreads: 17 killed, 543 infected

<a href="https://www.wionews.com/business-economy/oil-prices-slip-over-us-china-trade-deal-concern-274466">Oil prices</a> fell more than 2 per cent&nbsp;on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output.

Brent <a href="https://www.wionews.com/business-economy/no-dearth-of-crude-oil-in-global-market-says-union-minister-dharmendra-pradhan-273737">crude </a>ended the session down $1.38, or 2.1 per cent, at $63.21 while West Texas Intermediate fell $1.64, or 2.8%, to settle at $56.74.

Prices extended losses in post-settlement trade, with WTI dropping by more than $2 after data from the American Petroleum Institute showed US&nbsp;crude inventories rose 1.6 million barrels last week, compared with analysts' expectations for 1 million-barrel draw.

US&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-shares-swept-new-year-gains-gold-oil-prices-jumps-and-iran-trade-threats-272528">gasoline stocks</a> built for an 11th week, rising 4.5 million barrels, much more than forecasts for a 3.1 million-barrel gain. 
Official US&nbsp;government data is due at 11 a.m. ET (1600 GMT) on Thursday, delayed a day in observance of Monday's Martin Luther King Jr. Day holiday. The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year.

"Oil prices remain heavy on oversupply concerns and after the Saudi Energy Minister Price Abdulaziz did not offer any hints of optimism that the OPEC+ production cuts would be extended beyond March," said Edward Moya, senior market analyst at OANDA in New York. "China's coronavirus will likely see travel restrictions that could end up hurting demand for crude during a peak travel time in China."

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">China virus could hit oil prices by $3 per barrel: Goldman</a>

<img alt="Oil prices - Representative Image" data-entity-type="file" data-entity-uuid="a6a05eb2-ce3a-4ed7-95d4-5d83fbd47c79" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2814%29_11.jpg" /> 
[&nbsp;Oil prices - Representative Image (Courtesy: Reuters) ]

Markets are also focusing on the emergence from China of a new coronavirus just ahead of the Lunar New Year holidays this weekend and the possible impact a pandemic might have on global economic growth. Deaths from the new flu-like virus in China have risen to 17 with more than 540 cases confirmed, with cases now detected as far away as the United States.

Should the virus develop dramatically and hit travel and growth, demand for oil could fall by 260,000 bpd, Goldman Sachs said in a note. 
"Demand concerns over a potential epidemic will counter concerns around supply disruptions in Libya, Iran, and Iraq, driving spot price volatility in the coming weeks," Goldman said, though the "impact on oil fundamentals remains limited so far".

Oil prices have been marginally supported after Libya's National Oil Corp on Monday declared force majeure on the loading of oil from two major oilfields after the latest development in a long-running military conflict.

Unless oil facilities return to operation quickly, OPEC member Libya's crude output will be reduced to about 72,000 bpd from about 1.2 million bpd.

"The Libyan pipeline blockade continued to have a muted impact on sentiment ... There is a consensus that the disruption will prove short-lived," said Stephen Brennock of oil broker PVM.

Meanwhile, Kazakhstan has suspended its oil exports to China after contamination was found in crude supplied by a Kazakh producer less than a year after a 'dirty oil' crisis broke in neighbouring Russia.

Overall though, global supplies are likely to continue to rise, with US&nbsp;crude production in large shale deposits expected to rise to record highs in February, though the pace of increase is likely to be the lowest in about year, the US&nbsp;Energy Information Administration (EIA) said on Tuesday.

Oil prices fell more than 2 per cent on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output.

Oil prices fell more than 2 per cent on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output. Brent crude ended the session down $1.38, or 2.1 per cent, at $63.21 while West Texas Intermediate fell $1.64, or 2.8%, to settle at $56.74. Prices extended losses in post-settlement trade, with WTI dropping by more than $2 after data from the American Petroleum Institute showed US crude inventories rose 1.6 million barrels last week, compared with analysts' expectations for 1 million-barrel draw. US gasoline stocks built for an 11th week, rising 4.5 million barrels, much more than forecasts for a 3.1 million-barrel gain. Official US government data is due at 11 a.m. ET (1600 GMT) on Thursday, delayed a day in observance of Monday's Martin Luther King Jr. Day holiday. The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year. "Oil prices remain heavy on oversupply concerns and after the Saudi Energy Minister Price Abdulaziz did not offer any hints of optimism that the OPEC+ production cuts would be extended beyond March," said Edward Moya, senior market analyst at OANDA in New York. "China's coronavirus will likely see travel restrictions that could end up hurting demand for crude during a peak travel time in China." Also Read: China virus could hit oil prices by $3 per barrel: Goldman [ Oil prices - Representative Image (Courtesy: Reuters) ] Markets are also focusing on the emergence from China of a new coronavirus just ahead of the Lunar New Year holidays this weekend and the possible impact a pandemic might have on global economic growth. Deaths from the new flu-like virus in China have risen to 17 with more than 540 cases confirmed, with cases now detected as far away as the United States. Should the virus develop dramatically and hit travel and growth, demand for oil could fall by 260,000 bpd, Goldman Sachs said in a note. "Demand concerns over a potential epidemic will counter concerns around supply disruptions in Libya, Iran, and Iraq, driving spot price volatility in the coming weeks," Goldman said, though the "impact on oil fundamentals remains limited so far". Oil prices have been marginally supported after Libya's National Oil Corp on Monday declared force majeure on the loading of oil from two major oilfields after the latest development in a long-running military conflict. Unless oil facilities return to operation quickly, OPEC member Libya's crude output will be reduced to about 72,000 bpd from about 1.2 million bpd. "The Libyan pipeline blockade continued to have a muted impact on sentiment ... There is a consensus that the disruption will prove short-lived," said Stephen Brennock of oil broker PVM. Meanwhile, Kazakhstan has suspended its oil exports to China after contamination was found in crude supplied by a Kazakh producer less than a year after a 'dirty oil' crisis broke in neighbouring Russia. Overall though, global supplies are likely to continue to rise, with US crude production in large shale deposits expected to rise to record highs in February, though the pace of increase is likely to be the lowest in about year, the US Energy Information Administration (EIA) said on Tuesday.

Oil prices slide 2% over glut forecast, China virus worries

World stock markets gained back some ground on Wednesday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil <a href="https://www.wionews.com/business-economy/global-markets-asia-shares-feel-a-chill-as-china-virus-risks-mount-275735">prices tumbled on a forecast</a> for a market surplus.

<a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">Worries about contagion</a> of the coronavirus and its effect on the global economy, particularly as millions in China travel for upcoming Lunar New Year festivities, had knocked the world's top equity markets off record peaks.

Deaths from the coronavirus rose to 17 on Wednesday, with more than 540 cases confirmed. Cases of the previously unknown virus have emerged as far away as the United States. The outbreak revived memories of the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-03, a virus outbreak that killed nearly 800 people worldwide and hit Hong Kong's economy particularly hard.

But China's response to the coronavirus outbreak, including some travel restrictions and regular updates by the government, reassured some investors. "The call here is not that the virus is done or nipped in the bud by any means," said Kay Van-Petersen, global macro strategist at Saxo Capital Markets. "But there have been no big further reported outbreaks, and the response from the Chinese authorities has been very, very positive."

On Wall Street, the benchmark S&amp;P 500 stock index ended nominally higher after touching a record earlier in the session. Among currencies, the safe-haven <a href="https://www.wionews.com/business-economy/tokyo-stocks-open-lower-on-virus-woes-275928">Japanese yen</a> and the Swiss franc were little changed against the dollar as worries over the virus abated. China's coronavirus had some lingering effects on oil markets. Concerns of dropping demand, along with a forecast of a market surplus from the International Energy Agency, pushed down crude prices.

Also Read:&nbsp;Risk assets slip on Chinese virus anxiety

Brent crude &nbsp;ended down $1.38, or 2.1%, at $63.21 while U.S. crude &nbsp;fell $1.64, or 2.8%, to settle at $56.74. The Dow Jones Industrial Average fell 9.77 points, or 0.03%, to 29,186.27, the S&amp;P 500 gained 0.96 points, or 0.03%, to 3,321.75, and the Nasdaq Composite added 12.96 points, or 0.14%, to 9,383.77.

U.S. 2-year, 10-year and 30-year Treasury yields were little changed. Earlier, they hit two-week lows after the Bank of Canada held interest rates steady and opened the door for possible easing amid an economic slowdown, rekindling worries about global growth.

"For Canada to sort of change its outlook fairly quickly opens up the possibility that easing could occur elsewhere too," said Jim Vogel, senior rates strategist at FHN Financial in Memphis.

Benchmark 10-year Treasury notes were little changed in price to yield 1.7691%, from 1.769% late on Tuesday. Across the Atlantic, Italian government bonds had their biggest sell-off in a month after reports the leader of the country's co-governing 5-Star movement had resigned.

The pan-European STOXX 600 equity index lost 0.08%, and MSCI's gauge of stocks across the globe gained 0.10%. Emerging market stocks rose 0.58%. The dollar index fell 0.01%, with the euro up 0.07% to $1.109.

The Japanese yen strengthened 0.01% versus the greenback at 109.88 per dollar, while sterling was last trading at $1.3135, up 0.67%. 
Spot gold added 0.04% to $1,558.35 an ounce. 
&nbsp;

World stock markets gained back some ground on Wednesday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil prices tumbled on a forecast for a market surplus.

World stock markets gained back some ground on Wednesday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil prices tumbled on a forecast for a market surplus. Worries about contagion of the coronavirus and its effect on the global economy, particularly as millions in China travel for upcoming Lunar New Year festivities, had knocked the world's top equity markets off record peaks. Deaths from the coronavirus rose to 17 on Wednesday, with more than 540 cases confirmed. Cases of the previously unknown virus have emerged as far away as the United States. The outbreak revived memories of the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-03, a virus outbreak that killed nearly 800 people worldwide and hit Hong Kong's economy particularly hard. But China's response to the coronavirus outbreak, including some travel restrictions and regular updates by the government, reassured some investors. "The call here is not that the virus is done or nipped in the bud by any means," said Kay Van-Petersen, global macro strategist at Saxo Capital Markets. "But there have been no big further reported outbreaks, and the response from the Chinese authorities has been very, very positive." On Wall Street, the benchmark S&P 500 stock index ended nominally higher after touching a record earlier in the session. Among currencies, the safe-haven Japanese yen and the Swiss franc were little changed against the dollar as worries over the virus abated. China's coronavirus had some lingering effects on oil markets. Concerns of dropping demand, along with a forecast of a market surplus from the International Energy Agency, pushed down crude prices. Also Read: Risk assets slip on Chinese virus anxiety Brent crude ended down $1.38, or 2.1%, at $63.21 while U.S. crude fell $1.64, or 2.8%, to settle at $56.74. The Dow Jones Industrial Average fell 9.77 points, or 0.03%, to 29,186.27, the S&P 500 gained 0.96 points, or 0.03%, to 3,321.75, and the Nasdaq Composite added 12.96 points, or 0.14%, to 9,383.77. U.S. 2-year, 10-year and 30-year Treasury yields were little changed. Earlier, they hit two-week lows after the Bank of Canada held interest rates steady and opened the door for possible easing amid an economic slowdown, rekindling worries about global growth. "For Canada to sort of change its outlook fairly quickly opens up the possibility that easing could occur elsewhere too," said Jim Vogel, senior rates strategist at FHN Financial in Memphis. Benchmark 10-year Treasury notes were little changed in price to yield 1.7691%, from 1.769% late on Tuesday. Across the Atlantic, Italian government bonds had their biggest sell-off in a month after reports the leader of the country's co-governing 5-Star movement had resigned. The pan-European STOXX 600 equity index lost 0.08%, and MSCI's gauge of stocks across the globe gained 0.10%. Emerging market stocks rose 0.58%. The dollar index fell 0.01%, with the euro up 0.07% to $1.109. The Japanese yen strengthened 0.01% versus the greenback at 109.88 per dollar, while sterling was last trading at $1.3135, up 0.67%. Spot gold added 0.04% to $1,558.35 an ounce.

Global stocks edge up, oil drops as China virus worries abate

<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices</a> fell to their lowest in seven weeks on Thursday, sliding more than 1 per cent&nbsp;on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago.

Brent crude futures were down 87 cents, or 1.4 per cent, to $62.34 a barrel by 0733 GMT, and earlier dropped to the lowest since Dec. 4 after falling 2.1&nbsp;per cent&nbsp;the previous session.

US&nbsp;West Texas Intermediate futures fell 94 cents, or 1.6 per cent, to $55.80 a barrel after earlier falling to the lowest since December&nbsp;3. The contract declined 2.7&nbsp;per cent&nbsp;on Wednesday.

The new coronavirus has killed 17 people through respiratory illness since it emerged late last year in Wuhan, a city of 11 million people in central China.

Nearly 600 cases have been confirmed, with cases detected as far as away as the United States, and city authorities have shut transport networks, urging residents not to leave to prevent the contagion spreading.

The potential for a pandemic has stirred memories of the Sudden<a href="https://www.wionews.com/world/mysterious-viral-pneumonia-infects-several-in-china-272495"> Acute Respiratory Syndrome</a> epidemic in 2002-2003, which also started in China, denting economic growth and causing a slump in travel.

"Downside demand risks due to the Wuhan virus appear to be a growing concern for the market, and understandably so, with any clampdown on travel likely to weigh on fuel demand," ING Research said.

Overseas airlines, along with rail operators from Hong Kong and elsewhere have also started shutting down connections to Wuhan, essentially now in lockdown as guards blocked routes out of the city.

"We estimate a price shock of up to $5 (a barrel) if the crisis develops into a <a href="https://www.wionews.com/world/sars-like-virus-spreading-across-china-amid-140-new-cases-third-death-275342">SARS-style</a> epidemic based on historical oil price movements," JPM Commodities Research said in a note.

The US&nbsp;bank maintained its forecasts for Brent to average $67 a barrel in the first quarter and $64.50 a barrel throughout 2020.

Elsewhere, amid all the concern about hits to demand, supply remains plentiful.

US&nbsp;crude stockpiles rose last week by 1.6 million barrels, against expectations of a drop, the American Petroleum Institute said late on Tuesday.

Brazil also produced more than a billion barrels of oil in 2019, a first for the South American nation, the national oil regulator said on Wednesday.

Meanwhile China released data on Thursday showing its gasoline exports are surging, rising nearly a third last year as more new refineries are opened.

Oil prices fell to their lowest in seven weeks on Thursday, sliding more than 1 per cent on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago.

Oil prices fell to their lowest in seven weeks on Thursday, sliding more than 1 per cent on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago. Brent crude futures were down 87 cents, or 1.4 per cent, to $62.34 a barrel by 0733 GMT, and earlier dropped to the lowest since Dec. 4 after falling 2.1 per cent the previous session. US West Texas Intermediate futures fell 94 cents, or 1.6 per cent, to $55.80 a barrel after earlier falling to the lowest since December 3. The contract declined 2.7 per cent on Wednesday. The new coronavirus has killed 17 people through respiratory illness since it emerged late last year in Wuhan, a city of 11 million people in central China. Nearly 600 cases have been confirmed, with cases detected as far as away as the United States, and city authorities have shut transport networks, urging residents not to leave to prevent the contagion spreading. The potential for a pandemic has stirred memories of the Sudden Acute Respiratory Syndrome epidemic in 2002-2003, which also started in China, denting economic growth and causing a slump in travel. "Downside demand risks due to the Wuhan virus appear to be a growing concern for the market, and understandably so, with any clampdown on travel likely to weigh on fuel demand," ING Research said. Overseas airlines, along with rail operators from Hong Kong and elsewhere have also started shutting down connections to Wuhan, essentially now in lockdown as guards blocked routes out of the city. "We estimate a price shock of up to $5 (a barrel) if the crisis develops into a SARS-style epidemic based on historical oil price movements," JPM Commodities Research said in a note. The US bank maintained its forecasts for Brent to average $67 a barrel in the first quarter and $64.50 a barrel throughout 2020. Elsewhere, amid all the concern about hits to demand, supply remains plentiful. US crude stockpiles rose last week by 1.6 million barrels, against expectations of a drop, the American Petroleum Institute said late on Tuesday. Brazil also produced more than a billion barrels of oil in 2019, a first for the South American nation, the national oil regulator said on Wednesday. Meanwhile China released data on Thursday showing its gasoline exports are surging, rising nearly a third last year as more new refineries are opened.

Oil skids as spectre of China virus looms over fuel demand, economy

At least 17 people have died and more than 400 people are infected by the deadly coronavirus in China. Now, the virus is spreading to other countries. Is China underplaying the extend of the crisis?

Gravitas: China's deadly virus spreads around the world

North Korea will ban foreign tourists to protect itself against a new SARS-like virus that has claimed at least nine lives in China and sickened hundreds, a major tour operator said.

Several nations including the <a href="https://www.wionews.com/world/hopeful-for-restarting-diplomacy-with-north-korea-but-stands-ready-pentagon-chief-mark-esper-269415">US </a>have stepped up checks on airport passengers to detect the coronavirus, which first emerged in the central Chinese city of Wuhan, but a ban on tourists would be a first.

The virus has caused alarm in China and abroad because of its genetic similarities to Severe Acute Respiratory Syndrome (SARS), which killed nearly 650 people across mainland China and Hong Kong in 2002-2003.

The vast majority of foreign tourists to <a href="https://www.wionews.com/videos/top-chinese-north-korean-generals-met-to-boost-military-ties-243797">North Korea</a> are Chinese, and their numbers have swelled significantly in the last year as relations between Beijing and Pyongyang have warmed, generating vital foreign currency for the isolated country.

But as of Wednesday, North Korea will "temporarily close its borders to all foreign tourists as a precaution to the coronavirus", Chinese-based specialist operator Young Pioneer Tours said in a statement. Exact details had yet to be confirmed, it added.

Also Read:&nbsp;<a href="https://www.wionews.com/world/china-backs-north-korea-amid-deadlocked-nuclear-talks-247322">China backs North Korea amid deadlocked nuclear talks</a>

Koryo Tours, the market leader for Western visitors, said it had been "informed that action was being considered" and was expecting more information Wednesday.

<img alt="North korea flag" data-entity-type="file" data-entity-uuid="2604349f-f9ae-4f0b-b750-0f08bc539478" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2839%29_2.jpg" /> 
[ Flag of North Korea (Courtesy: Zee News Network) ]

Pyongyang has taken similar action in the past -- it closed its borders to foreign tourists for more than four months from October 2014 in a bid to keep out the Ebola virus, even though no cases had been reported in Asia.

It enforced a 21-day quarantine period on anyone entering the country, including foreign diplomats and businesspeople.

Pyongyang's official Rodong Sinmun newspaper did not mention any North Korean action over the virus Wednesday but reported on the outbreak in China, saying it had "spread rapidly" and that authorities in its giant neighbour were taking "corresponding measures".

The North has poor medical infrastructure and a chronic shortage of medicines.

When South Korea suffered from the world's largest outbreak of Middle East Respiratory Syndrome, or MERS, in summer 2015, the North reportedly prohibited its diplomats and workers overseas from returning to their homeland for months to prevent the spread of the virus.

Pyongyang also suspended foreign tours for three months due to fears over SARS in 2003. 
&nbsp;

North Korea will ban foreign tourists to protect itself against a new SARS-like virus that has claimed at least nine lives in China and sickened hundreds, a major tour operator said.

North Korea will ban foreign tourists to protect itself against a new SARS-like virus that has claimed at least nine lives in China and sickened hundreds, a major tour operator said. Several nations including the US have stepped up checks on airport passengers to detect the coronavirus, which first emerged in the central Chinese city of Wuhan, but a ban on tourists would be a first. The virus has caused alarm in China and abroad because of its genetic similarities to Severe Acute Respiratory Syndrome (SARS), which killed nearly 650 people across mainland China and Hong Kong in 2002-2003. The vast majority of foreign tourists to North Korea are Chinese, and their numbers have swelled significantly in the last year as relations between Beijing and Pyongyang have warmed, generating vital foreign currency for the isolated country. But as of Wednesday, North Korea will "temporarily close its borders to all foreign tourists as a precaution to the coronavirus", Chinese-based specialist operator Young Pioneer Tours said in a statement. Exact details had yet to be confirmed, it added. Also Read: China backs North Korea amid deadlocked nuclear talks Koryo Tours, the market leader for Western visitors, said it had been "informed that action was being considered" and was expecting more information Wednesday. [ Flag of North Korea (Courtesy: Zee News Network) ] Pyongyang has taken similar action in the past -- it closed its borders to foreign tourists for more than four months from October 2014 in a bid to keep out the Ebola virus, even though no cases had been reported in Asia. It enforced a 21-day quarantine period on anyone entering the country, including foreign diplomats and businesspeople. Pyongyang's official Rodong Sinmun newspaper did not mention any North Korean action over the virus Wednesday but reported on the outbreak in China, saying it had "spread rapidly" and that authorities in its giant neighbour were taking "corresponding measures". The North has poor medical infrastructure and a chronic shortage of medicines. When South Korea suffered from the world's largest outbreak of Middle East Respiratory Syndrome, or MERS, in summer 2015, the North reportedly prohibited its diplomats and workers overseas from returning to their homeland for months to prevent the spread of the virus. Pyongyang also suspended foreign tours for three months due to fears over SARS in 2003.

Foreign tourists to be banned from entering North Korea due to virus outbreak

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the <a href="https://www.wionews.com/world/wuhan-mayor-asks-citizens-not-to-travel-outside-as-chinas-coronavirus-spreads-275911">outbreak of a new coronavirus</a> could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions.

The outbreak began in the central Chinese city of Wuhan in Hubei and has spread to the rest of the country, with 440 confirmed cases and nine deaths so far. It has also spread to the United States, Thailand, South Korea, Japan and Taiwan.

Also Read: <a href="https://www.wionews.com/business-economy/global-markets-asia-shares-feel-a-chill-as-china-virus-risks-mount-275735">Asian shares dip as China virus spreads</a>

The new virus, which health officials have said can be <a href="https://www.wionews.com/india-news/china-coronavirus-viral-outbreak-forces-india-to-strengthen-airport-safety-laws-275899">passed from person to person</a>, has worried financial markets as investors recalled the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-2003, also a coronavirus outbreak that started in China and killed nearly 800 people worldwide.

<img alt="Chinese Stock Market" data-entity-type="file" data-entity-uuid="ae8db9dc-366b-4603-9a5d-51f703234b09" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2857%29_0.jpg" /> 
[ Chinese Stock Market (Courtesy: Reuters) ]

"Translating the estimated SARS demand impact into 2020 volumes points to a potential 260,000 barrels per day negative shock to global oil demand on average," Goldman said in a note dated Jan. 21. The estimate includes a 170,000 barrels per day loss of jet fuel demand, it added.

The bank expects jet fuel markets, including cracks, regrade and Asian differentials, to be hit the most if the outbreak leads to a decline in regional air travel.

While a supply response from the Organization of the Petroleum Exporting Countries could limit any fundamental impact from such a demand shock, the initial uncertainty could lead to a larger oil price sell-off, Goldman added.

Brent crude prices are currently just below $65 a barrel, while U.S. oil is at about $58 a barrel.

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions.

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions. The outbreak began in the central Chinese city of Wuhan in Hubei and has spread to the rest of the country, with 440 confirmed cases and nine deaths so far. It has also spread to the United States, Thailand, South Korea, Japan and Taiwan. Also Read: Asian shares dip as China virus spreads The new virus, which health officials have said can be passed from person to person, has worried financial markets as investors recalled the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-2003, also a coronavirus outbreak that started in China and killed nearly 800 people worldwide. [ Chinese Stock Market (Courtesy: Reuters) ] "Translating the estimated SARS demand impact into 2020 volumes points to a potential 260,000 barrels per day negative shock to global oil demand on average," Goldman said in a note dated Jan. 21. The estimate includes a 170,000 barrels per day loss of jet fuel demand, it added. The bank expects jet fuel markets, including cracks, regrade and Asian differentials, to be hit the most if the outbreak leads to a decline in regional air travel. While a supply response from the Organization of the Petroleum Exporting Countries could limit any fundamental impact from such a demand shock, the initial uncertainty could lead to a larger oil price sell-off, Goldman added. Brent crude prices are currently just below $65 a barrel, while U.S. oil is at about $58 a barrel.

China virus could hit oil prices by $3 per barrel: Goldman

Risk assets took a hit across the globe on Tuesday while the Japanese yen and U.S. Treasury prices gained as <a href="https://www.wionews.com/business-economy/global-markets-shares-swept-new-year-gains-gold-oil-prices-jumps-and-iran-trade-threats-272528">financial markets</a> reacted to mounting concern about a new strain of the flu-like virus in China. The World Health Organization called a meeting for Wednesday to consider declaring a global health emergency while authorities in China confirmed the coronavirus could spread through human contact. The mayor of Wuhan, where the virus may have originated, confirmed a sixth virus-related death.

Investors are worried about the threat of contagion as hundreds of millions travel for the Chinese Lunar New Year holidays, which peak over the coming weekend. Traders recalled the fallout from a Severe Acute Respiratory Syndrome (SARS) outbreak in 2002-2003 that killed about 800 people globally and which China initially covered up.

<a href="https://www.wionews.com/business-economy/no-dearth-of-crude-oil-in-global-market-says-union-minister-dharmendra-pradhan-273737">Emerging market</a> stocks lost 1.58%. MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;closed 1.63% lower, while Japan's Nikkei&nbsp;lost 0.91%. Hong Kong, which suffered badly during the SARS outbreak, saw its index&nbsp;fall 2.8%. The overnight chill in Asia carried over to <a href="https://www.wionews.com/business-economy/global-markets-oil-gold-safe-haven-assets-gains-as-us-strike-kills-iranian-commander-271901">European markets</a>. Shares of luxury goods makers - which have large exposure to China - were among those declining the most.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Global Markets: Asian shares lower as investors book decade-end profits</a>

A U.S. index of airline stocks fell 2.3% and hotel and casino operators Las Vegas Sands Corp and Wynn Resorts Ltd, both of which have large operations in China, dropped over 4%. The virus outbreak "seems to be the biggest negative," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "We may see U.S. markets try to spit it out because it doesn't have that much of an impact on U.S. economy."

<img alt="New York Stock Exchange" data-entity-type="file" data-entity-uuid="44f15713-342b-487d-90f5-6d86f21ace64" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2859%29_0.jpg" /> 
[&nbsp;Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ]

The Dow Jones Industrial Average&nbsp;fell 20.99 points, or 0.07%, to 29,327.11, the S&amp;P 500&nbsp;lost 1.13 points, or 0.03%, to 3,328.49 and the Nasdaq Composite&nbsp;added 1.12 points&nbsp;or 0.01%, to 9,390.06. The pan-European FTSEurofirst 300 index lost 0.16% and MSCI's gauge of stocks across the globe&nbsp;shed 0.29%.

In other markets, U.S.- and German 10-year government bond yields touched a two week low while the safe-haven yen&nbsp;strengthened 0.23% versus the dollar at 109.95.

"The fear is that it could be a SARS-type event, which was an economic issue," said Ellis Phifer, market strategist at Raymond James in Tennessee. "But this is all cautionary. The market is not panicking or anything."

Benchmark 10-year notes&nbsp;last rose 16/32 in price to yield 1.7795%, from 1.835% late on Friday. Monday was a U.S. market holiday. The dollar index fell 0.04%, with the euro&nbsp;down 0.04% to $1.109.Sterling&nbsp;was last trading at $1.3051, up 0.32% on the day. The Australian dollar&nbsp;dropped on the flu worries since the country attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays.

Some investors were relieved that U.S. President Donald Trump and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax. They agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said.

A tariff war between China and the United States was blamed for the economic growth slowdown of last year. U.S. gold futures&nbsp;fell 0.22% to $1,555.40 an ounce. Oil prices were mixed on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle. U.S. crude&nbsp;rose 0.17% to $58.64 per barrel and Brent was last at $64.98, down 0.34% on the day.

&nbsp;

Risk assets took a hit across the globe on Tuesday while the Japanese yen and U.S. Treasury prices gained as financial markets reacted to mounting concern about a new strain of the flu-like virus in China.

Risk assets took a hit across the globe on Tuesday while the Japanese yen and U.S. Treasury prices gained as financial markets reacted to mounting concern about a new strain of the flu-like virus in China. The World Health Organization called a meeting for Wednesday to consider declaring a global health emergency while authorities in China confirmed the coronavirus could spread through human contact. The mayor of Wuhan, where the virus may have originated, confirmed a sixth virus-related death. Investors are worried about the threat of contagion as hundreds of millions travel for the Chinese Lunar New Year holidays, which peak over the coming weekend. Traders recalled the fallout from a Severe Acute Respiratory Syndrome (SARS) outbreak in 2002-2003 that killed about 800 people globally and which China initially covered up. Emerging market stocks lost 1.58%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.63% lower, while Japan's Nikkei lost 0.91%. Hong Kong, which suffered badly during the SARS outbreak, saw its index fall 2.8%. The overnight chill in Asia carried over to European markets. Shares of luxury goods makers - which have large exposure to China - were among those declining the most. Also Read: Global Markets: Asian shares lower as investors book decade-end profits A U.S. index of airline stocks fell 2.3% and hotel and casino operators Las Vegas Sands Corp and Wynn Resorts Ltd, both of which have large operations in China, dropped over 4%. The virus outbreak "seems to be the biggest negative," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "We may see U.S. markets try to spit it out because it doesn't have that much of an impact on U.S. economy." [ Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ] The Dow Jones Industrial Average fell 20.99 points, or 0.07%, to 29,327.11, the S&P 500 lost 1.13 points, or 0.03%, to 3,328.49 and the Nasdaq Composite added 1.12 points or 0.01%, to 9,390.06. The pan-European FTSEurofirst 300 index lost 0.16% and MSCI's gauge of stocks across the globe shed 0.29%. In other markets, U.S.- and German 10-year government bond yields touched a two week low while the safe-haven yen strengthened 0.23% versus the dollar at 109.95. "The fear is that it could be a SARS-type event, which was an economic issue," said Ellis Phifer, market strategist at Raymond James in Tennessee. "But this is all cautionary. The market is not panicking or anything." Benchmark 10-year notes last rose 16/32 in price to yield 1.7795%, from 1.835% late on Friday. Monday was a U.S. market holiday. The dollar index fell 0.04%, with the euro down 0.04% to $1.109.Sterling was last trading at $1.3051, up 0.32% on the day. The Australian dollar dropped on the flu worries since the country attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays. Some investors were relieved that U.S. President Donald Trump and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax. They agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said. A tariff war between China and the United States was blamed for the economic growth slowdown of last year. U.S. gold futures fell 0.22% to $1,555.40 an ounce. Oil prices were mixed on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle. U.S. crude rose 0.17% to $58.64 per barrel and Brent was last at $64.98, down 0.34% on the day.

Risk assets slip on Chinese virus anxiety

The World Health Organization announced Monday that it would convene an expert panel to determine whether a fast-developing outbreak caused by a new virus in China should be declared a global health emergency.

WHO Calls for Emergency Meeting as Chinese Virus Spreads

18 years ago, China battled the SARS-epidemic. It took two years for Beijing to defeat the epidemic. But by then, it had spread to 26 countries. Is China equipped to handle the mysterious Wuhan virus? Is China trying to cover-up?

WION Edit: Wuhan Virus: Worries Of A Cover-Up Spike

As China scrambles to contain the spread of this mysterious Wuhan virus, here's a quick look at the virus. How did this SARS-like pneumonia snowball into such a major health crisis? Can it be contained? This report explores

Gravitas: Can The Wuhan Virus Be Contained?

The mysterious virus that surfaced in China has spread to several countries and reached as far away as Australia. Nearly 300 people have been infected and at least six people have died. In response, India has issued a travel advisory for China.

Gravitas: Wuhan Virus Alert Across Asia

Taiwan on Tuesday reported its first confirmed case of the <a href="https://www.wionews.com/videos/coronavirus-spreads-beyond-china-human-to-human-transmission-confirmed-275691">new SARS-like coronavirus</a> as the government warned the public against travelling to Chinese city where it emerged.&nbsp;

The patient is a Taiwanese woman in her fifties, living in Wuhan, who returned to the island on Monday with symptoms including fever, coughing and a sore throat.

Asian countries have ramped up measures to block the <a href="https://www.wionews.com/videos/china-four-people-killed-due-to-deadly-coronavirus-275596">spread of the new virus</a> as the death toll in China rose to six and the number of cases jumped to almost 300 since it first emerged in the central Chinese city of Wuhan.

Also Read:&nbsp;<a href="https://www.wionews.com/world/china-confirms-person-to-person-spread-of-the-new-virus-as-fourth-death-reported-275590">China confirms person-to-person spread of the new virus as fourth death reported</a>

The Taiwan patient reported her symptoms to quarantine officials on arrival at Taoyuan airport and was immediately taken to a hospital for treatment, said the island's Centers for Disease Control (CDC).&nbsp;

The woman told officials that she had not visited any local markets or had contact with birds or wild animals while in Wuhan.&nbsp;

Authorities are monitoring some 46 passengers and crew from the same flight, the agency said.&nbsp;

The CDC raised its alert on Wuhan to the highest level, urging the public against travelling to the city unless necessary.&nbsp;

"We ask the public not to panic as the individual was taken to hospital directly from the airport and did not step into the community," it said in a statement, adding that it reported the case to the World Health Organization and China authorities.

The coronavirus has spread to Thailand, Japan, South Korea and Taiwan.

Taiwan on Tuesday reported its first confirmed case of the new SARS-like coronavirus as the government warned the public against travelling to Chinese city where it emerged.

Taiwan on Tuesday reported its first confirmed case of the new SARS-like coronavirus as the government warned the public against travelling to Chinese city where it emerged. The patient is a Taiwanese woman in her fifties, living in Wuhan, who returned to the island on Monday with symptoms including fever, coughing and a sore throat. Asian countries have ramped up measures to block the spread of the new virus as the death toll in China rose to six and the number of cases jumped to almost 300 since it first emerged in the central Chinese city of Wuhan. Also Read: China confirms person-to-person spread of the new virus as fourth death reported The Taiwan patient reported her symptoms to quarantine officials on arrival at Taoyuan airport and was immediately taken to a hospital for treatment, said the island's Centers for Disease Control (CDC). The woman told officials that she had not visited any local markets or had contact with birds or wild animals while in Wuhan. Authorities are monitoring some 46 passengers and crew from the same flight, the agency said. The CDC raised its alert on Wuhan to the highest level, urging the public against travelling to the city unless necessary. "We ask the public not to panic as the individual was taken to hospital directly from the airport and did not step into the community," it said in a statement, adding that it reported the case to the World Health Organization and China authorities. The coronavirus has spread to Thailand, Japan, South Korea and Taiwan.

Taiwan reports first case of new SARS-like virus

Gold prices rose to a two-week high on Tuesday as the spread of a new virus in <a href="https://www.wionews.com/business-economy/gold-rises-to-one-week-peak-amid-trade-anxiety-254957">China stoked fears</a> of a wider epidemic, sparking a sudden bout of risk aversion and sell-off in <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asian stocks</a>.

Spot gold prices touched their highest since Jan. 8 at $1,568.35 and were up 0.1 per cent&nbsp;to $1,563.01 per ounce by 0730 GMT. US&nbsp;gold futures were 0.3 per cent&nbsp;higher at $1,564.10.

<img alt="Customers select gold bracelets at Caibai Jewelry store in Beijing" data-entity-type="file" data-entity-uuid="3ca286a0-6aeb-4700-b332-f262b5b8f3c6" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2831%29_0.jpg" /> 
[&nbsp;Customers select gold bracelets at Caibai Jewelry store in Beijing (Courtesy: Reuters) ]

Asian shares slipped as the new coronavirus has spread to more Chinese cities and <a href="https://www.wionews.com/business-economy/gold-prices-steady-as-us-china-trade-deal-doubts-linger-263135">concerns mounted</a> it could spread further with many traveling for the Lunar New Year holidays.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/gold-climbs-to-three-month-high-poised-for-best-year-since-2010-271231">Gold climbs to three-month high, poised for best year since 2010</a>

Gold prices were driven by "the rapid spread of the virus from Wuhan, China, which has caused panic", said Margaret Yang Yan, a market analyst at CMC Markets.

"Chinese New Year holidays are going to worsen the situation as people are bound to travel in China. The fear of outbreak is going to drive up demand for gold for a couple more days," she added.

China will start celebrating the Lunar New Year this weekend. The yen also gained on concerns of a wider outbreak, which has prompted the World Health Organisation to convene an emergency meeting to assess the situation.

Gold prices rose to a two-week high on Tuesday as the spread of a new virus in China stoked fears of a wider epidemic, sparking a sudden bout of risk aversion and sell-off in Asian stocks.

Gold prices rose to a two-week high on Tuesday as the spread of a new virus in China stoked fears of a wider epidemic, sparking a sudden bout of risk aversion and sell-off in Asian stocks. Spot gold prices touched their highest since Jan. 8 at $1,568.35 and were up 0.1 per cent to $1,563.01 per ounce by 0730 GMT. US gold futures were 0.3 per cent higher at $1,564.10. [ Customers select gold bracelets at Caibai Jewelry store in Beijing (Courtesy: Reuters) ] Asian shares slipped as the new coronavirus has spread to more Chinese cities and concerns mounted it could spread further with many traveling for the Lunar New Year holidays. Also Read: Gold climbs to three-month high, poised for best year since 2010 Gold prices were driven by "the rapid spread of the virus from Wuhan, China, which has caused panic", said Margaret Yang Yan, a market analyst at CMC Markets. "Chinese New Year holidays are going to worsen the situation as people are bound to travel in China. The fear of outbreak is going to drive up demand for gold for a couple more days," she added. China will start celebrating the Lunar New Year this weekend. The yen also gained on concerns of a wider outbreak, which has prompted the World Health Organisation to convene an emergency meeting to assess the situation.

Gold prices climb to two week high as China flu scare spurs safe haven bids

Asian shares took a sudden turn for the worse on Tuesday as mounting concerns about a new strain of coronavirus in China sent a ripple of risk aversion through markets.

Safe-haven bonds and the yen edged higher as investors were reminded of the economic damage done by the SARS virus in 2003, particularly given the threat of contagion as hundreds of millions travel for the Lunar New Year holidays.

"It's an essential enough development that markets will monitor it on the risk radar as, if things turn critical, it could provide a massive blow to the airline industry and a knockout punch to local tourism," said Stephen Innes, Asia Pacific market strategist at AxiCorp.

<img alt="China Stock Market" data-entity-type="file" data-entity-uuid="2eb92339-9586-4c42-b886-0cf231f8a2da" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2832%29_2.jpg" /> 
[&nbsp;Investors look at computer screens showing stock information at a brokerage house in Shanghai (Courtesy: Reuters) ]

The mood swing saw MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1 per cent&nbsp;after a steady start. Hong Kong, which suffered badly during the SARS outbreak, saw its index fall 2 per cent.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/world-stocks-hit-all-time-high-after-trump-tweets-close-to-china-deal-267973">World stocks hit all time high after Trump tweets 'close to China deal'</a>

Japan's Nikkei lost 0.8 per cent&nbsp;and Shanghai blue chips 1.5 per cent&nbsp;with airlines under pressure. The caution spread to E-Mini futures for the S&amp;P 500 which eased 0.4 per cent, while Eurostoxx&nbsp;50 futures lost 0.3 per cent.

Investors had already been guarded after the International Monetary Fund trimmed its global growth forecasts, mostly due to a surprisingly sharp slowdown in India and other emerging markets.

There had been some relief as U<a href="https://www.wionews.com/business-economy/oil-ends-higher-as-trade-deal-progresses-spurs-energy-demand-hopes-275526">S&nbsp;President Donald Trump</a> and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax.

The two agreed to hold off on a <a href="https://www.wionews.com/business-economy/wall-street-stocks-surge-after-us-china-trade-accord-274737">potential tariffs war</a> until the end of the year, a French diplomatic source said. Trump is due to deliver a speech at the World Economic Forum in Davos later on Tuesday, and trade and tariffs could be on the agenda.

In a tweet late on Monday, Trump said he would be bringing "additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!!"

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Heading to Davos, Switzerland, to meet with World and Business Leaders and bring Good Policy and additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1219424278216470528?ref_src=twsrc%5Etfw">January 21, 2020</a></blockquote>
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The Bank of Japan cited lessened trade risks when nudging up forecasts for economic growth after holding a policy meeting on Tuesday. As widely expected, the BOJ maintained its short-term interest rate target at -0.1 per cent&nbsp;and a pledge to guide 10-year government bond yields around 0 per cent, by a 7-2 vote.

Japan's yen picked up a bid on the safe-haven move and the dollar dipped to 109.92 from an early 110.17. It also gained on the euro, leaving the single currency flat on the dollar at $1.1092. Against a basket of currencies, the dollar was steady at 97.599, just off a four-week high of 97.729.

The Australia dollar took a knock from the flu worries since it attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays. Australia said it would step up the screening of some flights from Wuhan.

The outbreak was particularly badly timed as the tourism industry has been mauled already by bushfires sweeping the country. Spot gold edged up to $1,566.71 per ounce, and back toward a seven-year peak of $1,610.90 reached last week.

Oil prices hesitated, having earlier gained on the risk of supply disruption in Libya. Brent crude futures eased 31 cents to $64.89 a barrel, while US&nbsp;crude fell 5 cents to $58.49.

Asian shares took a sudden turn for the worse on Tuesday as mounting concerns about a new strain of coronavirus in China sent a ripple of risk aversion through markets.

Asian shares took a sudden turn for the worse on Tuesday as mounting concerns about a new strain of coronavirus in China sent a ripple of risk aversion through markets. Safe-haven bonds and the yen edged higher as investors were reminded of the economic damage done by the SARS virus in 2003, particularly given the threat of contagion as hundreds of millions travel for the Lunar New Year holidays. "It's an essential enough development that markets will monitor it on the risk radar as, if things turn critical, it could provide a massive blow to the airline industry and a knockout punch to local tourism," said Stephen Innes, Asia Pacific market strategist at AxiCorp. [ Investors look at computer screens showing stock information at a brokerage house in Shanghai (Courtesy: Reuters) ] The mood swing saw MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1 per cent after a steady start. Hong Kong, which suffered badly during the SARS outbreak, saw its index fall 2 per cent. Also Read: World stocks hit all time high after Trump tweets 'close to China deal' Japan's Nikkei lost 0.8 per cent and Shanghai blue chips 1.5 per cent with airlines under pressure. The caution spread to E-Mini futures for the S&P 500 which eased 0.4 per cent, while Eurostoxx 50 futures lost 0.3 per cent. Investors had already been guarded after the International Monetary Fund trimmed its global growth forecasts, mostly due to a surprisingly sharp slowdown in India and other emerging markets. There had been some relief as US President Donald Trump and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax. The two agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said. Trump is due to deliver a speech at the World Economic Forum in Davos later on Tuesday, and trade and tariffs could be on the agenda. In a tweet late on Monday, Trump said he would be bringing "additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!!" Heading to Davos, Switzerland, to meet with World and Business Leaders and bring Good Policy and additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!! — Donald J. Trump (@realDonaldTrump) January 21, 2020 × The Bank of Japan cited lessened trade risks when nudging up forecasts for economic growth after holding a policy meeting on Tuesday. As widely expected, the BOJ maintained its short-term interest rate target at -0.1 per cent and a pledge to guide 10-year government bond yields around 0 per cent, by a 7-2 vote. Japan's yen picked up a bid on the safe-haven move and the dollar dipped to 109.92 from an early 110.17. It also gained on the euro, leaving the single currency flat on the dollar at $1.1092. Against a basket of currencies, the dollar was steady at 97.599, just off a four-week high of 97.729. The Australia dollar took a knock from the flu worries since it attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays. Australia said it would step up the screening of some flights from Wuhan. The outbreak was particularly badly timed as the tourism industry has been mauled already by bushfires sweeping the country. Spot gold edged up to $1,566.71 per ounce, and back toward a seven-year peak of $1,610.90 reached last week. Oil prices hesitated, having earlier gained on the risk of supply disruption in Libya. Brent crude futures eased 31 cents to $64.89 a barrel, while US crude fell 5 cents to $58.49.

Asian shares dip as China virus spreads

The government has issued a travel advisory asking citizens to follow certain precautionary measures while visiting China in the wake of the outbreak of an infection there because of a new strain of virus which is causing respiratory problems.

WION Dispatch: Travel advisory issued for Indians amid China virus outbreak

The United States will begin screening efforts at three US&nbsp;airports to detect travellers from the central Chinese city of <a href="https://www.wionews.com/world/china-reports-new-cases-in-wuhan-virus-outbreak-275016">Wuhan</a> who may have symptoms of a new respiratory virus that so far has killed two people and infected 45 more, public health officials said on Friday.

The Centers for Disease Control and Prevention (<a href="https://www.wionews.com/world/instances-of-binge-drinking-increasing-among-us-adults-study-275080">CDC</a>) said the screening at the San Francisco, New York, and Los Angeles airports would begin on Friday and focus on travellers to the United States via direct or connecting flights from Wuhan.

So far, the new virus has spread outside of China to Japan and Thailand, and CDC officials said in a conference call with reporters that they expect more cases will be reported outside of China. The risk to Americans is deemed to be low, the CDC said.

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Health screenings of travelers arriving from <a href="https://twitter.com/hashtag/Wuhan?src=hash&amp;ref_src=twsrc%5Etfw">#Wuhan</a>, China is part of a layered approach used with other public health measures already in place to slow and reduce possible spread of <a href="https://twitter.com/hashtag/2019nCOV?src=hash&amp;ref_src=twsrc%5Etfw">#2019nCOV</a> into the United States. <a href="https://t.co/Ovg4CTFJWf">https://t.co/Ovg4CTFJWf</a>
— CDC (@CDCgov) <a href="https://twitter.com/CDCgov/status/1218252302647287808?ref_src=twsrc%5Etfw">January 17, 2020</a></blockquote>
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Dr. Martin Cetron, director of the CDC's Division of Global Migration and Quarantine, said the CDC will be sending about 100 additional staff to the three airports, Los Angeles International, San Francisco International, and New York's John F. Kennedy International to supplement existing staff at quarantine stations located at those airports.

Under the screening procedures, travellers from Wuhan will be taken to a separate area in the airport, where they will complete a questionnaire and be checked for fever. Those with symptoms will be asked additional health and exposure-related questions and those needing more follow-up will be referred to a designated healthcare facility for more testing.

The CDC said it may adjust screening procedures as the outbreak investigation continues.

The Chinese virus is a coronavirus, a large family of viruses that can cause infections ranging from the common cold to severe acute respiratory syndrome, or <a href="https://www.wionews.com/world/mysterious-sars-like-virus-in-china-has-affected-hundreds-report-274962">SARS</a>, a highly infectious virus that originated in China in 2002 and eventually traveled to 37 countries, killing 774 people.

So far, health officials do not consider the new virus from China to be as lethal as SARS, but the investigation is evolving and much is still not known about whether the virus can spread easily from person to person.

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According to the latest predictions from <a href="https://twitter.com/CDCFlu?ref_src=twsrc%5Etfw">@CDCflu</a> forecasting experts, flu activity is likely to remain elevated through late January. A <a href="https://twitter.com/hashtag/fluvaccine?src=hash&amp;ref_src=twsrc%5Etfw">#fluvaccine</a> can be beneficial any time flu viruses are circulating, including after January: <a href="https://t.co/CeAX6Br1Xg">https://t.co/CeAX6Br1Xg</a>
— Dr. Nancy Messonnier (@DrNancyM_CDC) <a href="https://twitter.com/DrNancyM_CDC/status/1215036631020900353?ref_src=twsrc%5Etfw">January 8, 2020</a></blockquote>
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"This is the stage of the investigation where we need to proceed cautiously and be prepared for any eventuality," Dr. Nancy Messonnier, a CDC expert in respiratory diseases, said on the conference call.

"It's highly plausible" that there will be a case in the United States, Messonnier said. "That is why we are moving forward with this screening."

China health officials report that most of the patients infected with the virus have had exposure to a large market where live animals were present, suggesting the virus is new and has jumped from animals to humans.

It is still not clear how well the virus can be transmitted, but there are indications of some limited spread from person-to-person, CDC officials said.

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Q: What is a <a href="https://twitter.com/hashtag/coronavirus?src=hash&amp;ref_src=twsrc%5Etfw">#coronavirus</a>? 
 
A: Coronaviruses are a large family of viruses that are known to cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS) <a href="https://t.co/PKzKaO2yfK">https://t.co/PKzKaO2yfK</a> <a href="https://t.co/mhEa7LFVhx">pic.twitter.com/mhEa7LFVhx</a>
— World Health Organization (WHO) (@WHO) <a href="https://twitter.com/WHO/status/1218229883484155913?ref_src=twsrc%5Etfw">January 17, 2020</a></blockquote>
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The <a href="https://www.wionews.com/world/china-reports-new-cases-in-wuhan-virus-outbreak-275016">World Health Organization</a> this week provided guidance to hospitals worldwide about infection prevention and control in case the new virus spreads. There is no specific treatment for the new virus, but antivirals are being considered.

The United States will begin screening efforts at three US airports to detect travellers from the central Chinese city of Wuhan who may have symptoms of a new respiratory virus that so far has killed two people and infected 45 more, public health officials said on Friday.

The United States will begin screening efforts at three US airports to detect travellers from the central Chinese city of Wuhan who may have symptoms of a new respiratory virus that so far has killed two people and infected 45 more, public health officials said on Friday. The Centers for Disease Control and Prevention (CDC) said the screening at the San Francisco, New York, and Los Angeles airports would begin on Friday and focus on travellers to the United States via direct or connecting flights from Wuhan. So far, the new virus has spread outside of China to Japan and Thailand, and CDC officials said in a conference call with reporters that they expect more cases will be reported outside of China. The risk to Americans is deemed to be low, the CDC said. Health screenings of travelers arriving from #Wuhan, China is part of a layered approach used with other public health measures already in place to slow and reduce possible spread of #2019nCOV into the United States. https://t.co/Ovg4CTFJWf — CDC (@CDCgov) January 17, 2020 × Dr. Martin Cetron, director of the CDC's Division of Global Migration and Quarantine, said the CDC will be sending about 100 additional staff to the three airports, Los Angeles International, San Francisco International, and New York's John F. Kennedy International to supplement existing staff at quarantine stations located at those airports. Under the screening procedures, travellers from Wuhan will be taken to a separate area in the airport, where they will complete a questionnaire and be checked for fever. Those with symptoms will be asked additional health and exposure-related questions and those needing more follow-up will be referred to a designated healthcare facility for more testing. The CDC said it may adjust screening procedures as the outbreak investigation continues. The Chinese virus is a coronavirus, a large family of viruses that can cause infections ranging from the common cold to severe acute respiratory syndrome, or SARS, a highly infectious virus that originated in China in 2002 and eventually traveled to 37 countries, killing 774 people. So far, health officials do not consider the new virus from China to be as lethal as SARS, but the investigation is evolving and much is still not known about whether the virus can spread easily from person to person. According to the latest predictions from @CDCflu forecasting experts, flu activity is likely to remain elevated through late January. A #fluvaccine can be beneficial any time flu viruses are circulating, including after January: https://t.co/CeAX6Br1Xg — Dr. Nancy Messonnier (@DrNancyM_CDC) January 8, 2020 × "This is the stage of the investigation where we need to proceed cautiously and be prepared for any eventuality," Dr. Nancy Messonnier, a CDC expert in respiratory diseases, said on the conference call. "It's highly plausible" that there will be a case in the United States, Messonnier said. "That is why we are moving forward with this screening." China health officials report that most of the patients infected with the virus have had exposure to a large market where live animals were present, suggesting the virus is new and has jumped from animals to humans. It is still not clear how well the virus can be transmitted, but there are indications of some limited spread from person-to-person, CDC officials said. Q: What is a #coronavirus? A: Coronaviruses are a large family of viruses that are known to cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS) https://t.co/PKzKaO2yfK pic.twitter.com/mhEa7LFVhx — World Health Organization (WHO) (@WHO) January 17, 2020 × The World Health Organization this week provided guidance to hospitals worldwide about infection prevention and control in case the new virus spreads. There is no specific treatment for the new virus, but antivirals are being considered.

US to screen passengers for new China coronavirus at three airports

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