Gold edged to a new low for the week in European trading on Wednesday, before recovering to eke out a slightly higher close. The yellow metal continues to be underpinned by global uncertainty surrounding the coronavirus.

The CDC confirmed a new case of unknown origin in northern California late on Wednesday. The CDC is trying to ascertain how this person contracted the disease and if others had been similarly exposed.

This news broke just hours after President Trump tapped Vice President Mike Pence to head up U.S. prevention efforts. While the President suggested a vaccine was "coming along very well," the head of the National Institute of Allergy and Infectious Diseases said it could a "year-and-a-half" until its ready.

Based on my NextDoor feed, people in my neighborhood in Denver are preparing for an outbreak; laying in nonperishable food, bottled water and of course masks.

Look for gold to remain generally well bid as the crisis continues to play out.

Silver and platinum were under pressure again on Wednesday, weighed by ongoing global growth risks. Meanwhile, palladium continues to defy gravity, moving back within striking distance of last week's record high at 2842.50.


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