2020.01.2808:59:00UTC+00Gold Prices Mixed As Dollar Firms Up

Gold prices were mixed in cautious trade on Tuesday and the dollar held at an eight-week high against its rivals, as investors watched the latest developments in the coronavirus outbreak and awaited the outcome of a two-day U.S. Federal Reserve meeting staring later in the day.

Spot gold edged down 0.15 percent to $1,579.10 per ounce, after hitting a near three-week high in the previous session. U.S. gold futures were marginally higher at $1,578.20.

China reported 24 more deaths from coronavirus epidemic, taking the number of fatalities to 106 and raising concerns about a hit to global economic growth.

Companies in the travel and tourism industries are the most likely to be affected as the deadly novel coronavirus spreads to more and more countries.

China has already extended the Lunar New Year holiday to February 2 nationally, and to February 9 for Shanghai.

Tangshan, China's largest steelmaking city in northern Hebei province, announced today that it is suspending all public transit within the city in an effort to prevent the spread of the virus.

The Federal Open Market Committee, or FOMC, is set to meet today and tomorrow, with analysts expecting no change in interest rates.

The projections released at the December meeting indicated that members foresee no rate changes at all in 2020.