Coronavirus: South Korea confirms 48 new cases, risk negative, gold positive

South Korea has updated its count of coronavirus cases with 48 new infections. The total has now reached 204 in the Asian nation.

Seoul previously reported two deaths from the respiratory disease and has also said that the illness reached military bases. Authorities have designated two cities, Daegu and Cheongdo, as special care zones due to a high number of cases. Korean airlines have announced further reductions in flights to China and to other Asian destinations.

Markets are growingly concerned with the spread of the coronavirus to South Korea and Japan, countries which have close trade links to China. 

Concerns about the human and economic impact of the outbreak are weighing on sentiment. S&P futures are down and gold – a safe-haven – has been extending its gains, reaching a peak above $1,636 at the time of writing. The precious metal trades at the highest since 2013.