WASHINGTON (dpa-AFX) - Oil prices edged higher on Wednesday to trade above $1,600 as investors continued to fret about the cascading economic impact of the new coronavirus outbreak in China, which has claimed more than 2000 lives and spread panic worldwide.
Both spot gold and U.S. gold futures were up 0.6 percent at $1,613.15 per ounce and $1,613.25, respectively.
Equities edged higher today after data showed the rate of increase in the number of confirmed cases of infection slowed in China.
According to the National Health Commission, mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, down from 1,886 cases a day earlier and the lowest since Jan. 29.
Markets also remain hopeful that China will cut its benchmark loan prime rate Thursday to offset the economic damage caused by the coronavirus outbreak.
Focus shifts to the publication of the FOMC minutes later today, which may provide additional details on how FOMC participants viewed the outbreak of COVID-19 in late January.
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