Early on Friday, gold prices are trading steady, close to a weekly high as the market sentiment turns risk-off amid rising concerns about the coronavirus outbreak. At the time of writing, GOLD is trading at a little above $1,574.

While gold remains in favor as a safe haven asset owing to high level of uncertainty in global markets, prices remain range-bound as the US dollar also continues to make some gains as a preferred instrument to invest in as the risk appetite fades. Markets were spooked all over again during the previous session after the epicenter of the epidemic, Hubei, reported a sudden increase in the number of infected cases and deaths on account of new measurement techniques.

Gold has gained around 0.4% so far this week on account of coronavirus fears even as analysts find it difficult to quantify the extent of financial damage the virus could have caused in China and around the world. Meanwhile, gold also received some support on account of brewing geopolitical tensions in the Middle East after Iran’s Revolutionary Guards hinted at the possibility of launching attacks against the US and Israel.