By Alex Ho
Investing.com – Gold prices traded lower on Wednesday in Asia as investors assessed the risk of a global epidemic from a coronavirus outbreak in China.
Gold Futures were down 0.3% to $1,552.95 by 12:40 AM ET (04:40 GMT). The safe-haven metal gained earlier this week as some fear a potential virus outbreak could weaken tourist visits during the upcoming key Chinese holiday period.
On Wednesday, the death toll from the Wuhan coronavirus in China rose to nine and the United States reported its first case,
Meanwhile, the U.S. dollar firmed against a basket of currencies, making the yellow metal more expensive for holders of other currencies.
Elsewhere, U.S.-China tensions remained in focus. The White House was reportedly considering to impose even stricter sanctions against Huawei, China’s largest tech company.
However, Ren Zhengfei, the company’s CEO, said he is not worried about the looming threat. Ren said during a panel discussion at the World Economic Forum in Davos that tighter restrictions will not have a very significant impact on Huawei.
“This year, the U.S. might further escalate its campaign against Huawei but I feel the impact on Huawei’s business would not be very significant,” he said in response to a question about U.S. curbs. “We’re confident we can survive further attacks.”