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Gold Prices Slip as China Imposes Tougher Restrictions to Stop Spread of Virus

© Reuters.

By Alex Ho – Gold prices slipped on Monday in Asia as China imposed tightened restrictions on movement in the Hubei province to prevent the spreading of the coronavirus.

for April delivery slipped 0.1% to $1,584.85 by 1:25 AM ET (05:25 GMT).

Sixty-million people in the Hubei province have been told to stay at home unless there is an emergency, while the use of private cars have been banned indefinitely, according to the South China Morning Post. A single person from each household is allowed to leave the building every three days to buy food and essential items, the article added.

Hubei accounts for over 80% of the confirmed cases of the new virus.

China has announced a drop in new cases for a third consecutive day. There were 1,933 new cases and 100 new deaths on Sunday, according to data released by the Chinese government.

Asian stocks rebounded today, with Chinese equities gaining more than 2%. Japan’s Nikkei 225 underperformed its regional peers, however, after the country reported weaker-than-expected GDP data.

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