Gold prices dipped down by 0.2%

Gold prices dipped down by 0.2%

Gold prices dipped on Thursday after China unveiled measures to soften the economic impact of the coronavirus outbreak, but the metal held close to a nearly seven-year peak scaled in the previous session as concerns over the epidemic prevailed.

Spot gold was down 0.2% at $1,608.96 per ounce, as of 0550 GMT. U.S. gold futures were flat at $1,611.90.

"It seems to be a bit more corrective mostly because ... it's not just in gold that we are seeing a bit of a walk-back in risk-off dynamics, but across a variety of assets," said DailyFx currency strategist Ilya Spivak.

China's central Hubei province had 349 new confirmed cases of coronavirus on Wednesday, the province's health commission said, down from 1,693 a day earlier and the lowest since Jan. 25, although it was accompanied by a change in methodology.