Gold prices were little changed on Tuesday as rising concerns over the fast-spreading coronavirus in China and its economic impact offset a firmer dollar.

FUNDAMENTALS

Spot gold was unchanged at $1,581.09 per ounce by 0140 GMT. On Monday, prices rose to their highest since Jan. 8 at $1,586.42. U.S. gold futures rose 0.2% to $1,580.90.

China's death toll from the coronavirus rose to 106 by the end of Jan. 27 and the total number of confirmed cases increased to 4,515, the National Health Commission said.

The outbreak is expected to hurt the world's second-largest economy, as Chinese authorities step up preventive measures, impose travel restrictions and extend the Lunar New Year holidays to limit the spread of the virus.

Amid concerns of a wider outbreak, the United States and Canada warned against travel to China.

Asian stocks extended a global selloff as investor fears mounted over the virus outbreak.

Weighing on bullion, the dollar against a basket of currencies hovered near a two-month high hit in the previous session.

Investors look forward to the U.S. Federal Reserve's first meeting of the year starting on Tuesday.

Data on Monday showed sales of new U.S. single-family homes fell unexpectedly in December.

Barrick Gold will start to ship gold worth up to $280 million from Tanzania, Chief Executive Officer Mark Bristow said on Monday, after the government lifted an export ban following the resolution of a three-year tax dispute.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.13% to 899.41 tonnes on Monday.

Palladium advanced 0.6% to $2,282.29 an ounce, having declined to its lowest at $2,258.92 in the previous session. Silver was flat at $18.09, while platinum rose 0.5% to $988.31.

DATA/EVENTS (GMT) 1330 US Durable Goods Dec 1500 US Consumer Confidence Jan U.S. Federal Reserve's Federal Open Market Committee starts its two-day meeting on interest rates (Reporting by Asha Sistla in Bengaluru; Editing by Subhranshu Sahu)

© Reuters News 2020