Gold prices rose to a two-week high on Tuesday, spurred by demand for safe-havens after iPhone maker Apple Inc's revenue warning underscored the financial fallout of the coronavirus epidemic in China.
Spot gold was up 0.4% at $1,586.93 per ounce by 0717 GMT. Earlier in the session, prices touched their highest since February 3 at $1,587.40. US gold futures inched up 0.2% to $1,590.
"Asian-Pacific markets have opened broadly lower. Investors right now are very concerned about the economic impact of the coronavirus, also on business sentiment and consumer demand," CMC Markets analyst Margaret Yang Yan said.
On the technical front, "gold sits only 10 dollars or so away from major resistance in the $1,595/1,600 an ounce region. A daily close above this area would be a strong technical signal that further gains lie ahead," Jeffrey Halley, senior market analyst at OANDA, said in a note.
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