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Gold inched up on Thursday on worries about the economic impact of the coronavirus outbreak as the United States suspended travel from virus-hit Europe, although gains were capped as traders covered margin calls after a plunge in equities.
Spot gold was up 0.1% at $1,636.37 per ounce by 0415 GMT, having risen as much as 0.9% earlier in the session. US gold futures fell 0.4% to $1,636.30.
The travel ban "is a big surprise and a big shock to the market" and shows that investors are yet to see the full financial fallout from the coronavirus outbreak, said IG Markets analyst Kyle Rodda. On the flip side, traders are selling gold to fund margin calls, providing a headwind for the metal, Rodda added.
US President Donald Trump on Wednesday announced the suspension of all travel from Europe, except from the United Kingdom, to the United States for 30 days, leading to a sell-off in global stock markets and the dollar.
Britain on Saturday denounced Iran's seizure of a British-flagged oil tanker in the Gulf as a "hostile act" and rejected Tehran's explanation that it seized the vessel because it had been involved in an accident.
The overall death toll jumped to more than 5,000, including nearly 1,500 in Europe, with total infections topping 140,000 internationally, according to an AFP tally based on official sources.
The coronavirus outbreak, which first emerged in China late last year, has quickly marched across the globe, infecting nearly 200,000 people and killing 7,900 as governments scramble to contain it.
ENOC Link, The Group’s fuel delivery digital venture, extended its support to Dubai Municipality’s national disinfection drive to curb the COVID-19 outbreak by dedicating mobile fueling trucks to provide free petrol and diesel fuel
Shams, one of the world’s largest concentrated solar power plants, continues to significantly contribute to the UAE’s clean energy transition, and is helping the country prepare for the next 50 years
The Central Bank of the UAE , the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Dubai Financial Services Authority (DFSA) of Dubai International Financial Centre (DIFC)