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By Alex Ho

Investing.com – Gold prices fell on Thursday in Asia but were off two-week amid reports of a possible coronavirus breakthrough, although the World Health Organization later downplayed such media reports.

for April delivery on New York’s COMEX fell 0.2% to $1,559.75 per ounce by 1:05 AM ET (05:05 GMT). The yellow metal earlier slumped to $1,551.25, its lowest level since Jan. 22.

The fall in prices came after a Chinese newspaper reported that a team of researchers had found that drugs Abidol and Darunavir can inhibit the new virus in China, which has claimed more than 500 lives so far across the country. and has spread to at least 20 other countries.

The WHO, however, played down media reports and said that “there are no known effective therapeutics against this 2019-nCoV.”

Most risky assets, which usually move in directions opposite to the safe-haven gold, traded higher today.

Hong Kong’s Index surged almost 3% in morning trade, which China’s and the rose more than 2%.

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