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2020.03.1210:36:00UTC+00Gold Prices Mixed In Cautious Trade

Gold prices were narrowly mixed in cautious trade on Thursday as equities extended a global rout on fears over the spread of the new coronavirus and its wide-ranging effects on businesses.

Spot gold edged up 0.2 percent to $1,637.97 per ounce, while U.S. gold futures were down 0.3 percent at $1,637.55.

Concerns over the economic impact of the coronavirus intensified after U.S. President Donald Trump banned travel from most of Europe to the United States for 30 days.

Italy shut all stores except for pharmacies and food shops in a desperate bid to halt the fast-spreading virus that has killed 827 in the country in just over two weeks.

Elsewhere in Germany, some 56 percent of German companies are suffering negative effects from the coronavirus epidemic, Munich's Ifo institute said today.

Trump's address on the coronavirus also failed to quell concerns about the economic impact of the outbreak.

The World Health Organization (WHO) has declared the coronavirus as a global pandemic after the virus spread to 114 countries, resulting in the deaths of more than 4,500 people worldwide.

It is feared that COVID-19 could drag the global economy into a recession by hitting it from both sides - supply and demand.

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