Coronavirus: India and Philippines confirm first cases, safe-haven gold remains bid
|India, the world's most-populated country has reported its first case of the novel coronavirus that has gripped its large neighbor, China. The Philippines has also joined the long list of Asian countries confirming cases of the SARS-like respiratory disease.
Safe-haven assets such as gold and the Japanese yen remain in high demand. XAU/USD is trading above $1,580 while USD/JPY is unable to recapture the 109 level.
The coronavirus is characterized by quick contagion but it is less deadly than SARS, MERS, or Ebola. Over 7,000 people have already been confirmed as carrying the virus, the vast majority in China, and especially in Wuhan, the city where it originated.
Here are the latest moves in gold prices:
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