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Gold retreats as China seeks to limit virus damage
Monday, 3 February 2020 21:33 WIB | PRECIOUS METALS |SILVEREMASGOLD

Gold fell 1% on Monday, retreating from its highest level in nearly four weeks as China's steps to protect its economy from the impact of the coronavirus epidemic and a buoyant dollar stemmed some inflows into safe haven assets.

Spot gold fell as much as 1% and was down 0.7% at $1,578.26 per ounce. Prices touched the highest since Jan. 8 earlier in the session. U.S. gold futures shed 0.3% to $1,582.90.

China's central bank unexpectedly lowered the reverse repo rates and injected 1.2 trillion yuan ($171 billion) of liquidity into the markets as authorities sought to relieve pressure on the economy from a rapidly spreading virus.

Elsewhere, palladium was flat at $2,277.65 an ounce, silver fell 1.3% to $17.79, while platinum shed 0.3%, to $953.75.

Source : CNBC

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