Gold rose on Thursday as a surge in the number of new coronavirus cases in China dashed hopes that the epidemic was slowing and drove investors to safe-haven assets.

Gold rose 0.5% to $1,575 per ounce as Hubei reported 242 new deaths and confirmed 14,840 new cases as of Wednesday, a dramatic rise from the 2,015 new cases a day earlier. 

This is the fastest rise in the daily death count since the outbreak, investors are now looking for any information regarding the economic impact of the epidemic.

Meanwhile, Federal Reserve Chair Jerome Powell on Wednesday said he expected some drag "soon" from the virus, even though he reaffirmed confidence in the U.S. economic outlook. 

Elsewhere, silver rose 0.9% to $17.66, while platinum gained 0.5% to $969.

Where are commodity prices heading next?  Watch Phil Carr at The Gold & Silver Club review Gold with the latest price forecast and predictions:

 

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