Gold Surges To 7-Year High As Coronavirus Cases Rise Internationally

Spot gold made record gains against the United States dollar on Monday as investors continued to look towards safe havens to hedge against the financial risks imposed by the spread of the novel coronavirus (COVID-19).

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What Happened

China itself hasn't reported a spike in cases, but the virus has taken further hold in other countries.

Italy on Sunday reported its third death from the virus that originated in the Wuhan city of China December last year, with more than 150 confirmed cases, almost all of them reported since Friday, as noted by Reuters earlier.

The sudden spread of the virus in Italy, which poses wider fears of a spread in other European countries, was accompanied by the rise of cases in South Korea.

The South Korean government on Monday confirmed that the number of infected people has risen to 760, with about seven deaths. The virus has mostly spread in the city of Daegu, where the virus is said to have originated from a church mass.

Pakistan, Turkey, Afghanistan, and Armenia closed their border with Iran on Sunday, where at least eight deaths have been confirmed, as reported by France 24.

Michael McCarthy, chief market strategist at CMC Market, told Reuters that traders are selling-off shares due to the coronavirus fears and that money is flowing into safe havens like gold.

"The impact on the global economy also means we will likely see a lower interest rate environment for longer," McCarthy noted.

Price Action

Spot Gold traded 1.12% higher at $1,661.76 at press time on Monday. The commodity traded as high as $1,680.71, the highest price since February 2013.

Gold April Futures traded 0.96% higher at $1,665.55 at press time.