Gold prices moved higher on Monday on safe-haven appeal amid mounting concerns about the impact of the spread of the coronavirus.
Global stocks tumbled as fears about the impact of the virus attack on the economy hurt risk appetite and prompted investors to go on a selling spree.
According to reports, the death toll from the coronavirus outbreak rose to 81 in China, with 2,800 confirmed cases. The virus has spread to more than ten countries, including the U.S., France, Australia and Canada.
The dollar index was up 0.12% at 97.97 with the currency’s safe-haven appeal supported its uptick.
Gold futures for February ended up $5.50, or about 0.4%, at $1,577.40 an ounce, the highest settlement since early April 2013.
On Friday, Gold futures for February ended up $6.50, or 0.4%, at $1,571.90 an ounce.
Silver futures for March ended down $0.057 at $18.056 an ounce, while Copper futures for March closed down $0.0875 at $2.5965 per pound.
According to reports, the death toll from China’s new coronavirus rose to 81, with more than 2,800 people infected globally.
China’s National Health Commission on Sunday said the new coronavirus is contagious even in its incubation period, which lasts up to 14 days, and that the virus’ ability to spread is getting stronger.
In economic news, new home sales unexpectedly showed a modest decrease in the month of December, according to a report released by the Commerce Department on Monday.
The report said new home sales fell by 0.4% to an annual rate of 694,000 in December from a downwardly revised 697,000 in November.
The drop surprised economists, who had expected new home sales to surge up by 1.5% to an annual rate of 730,000 in December from the 719,000 originally reported for the previous month.
Revised data also showed new home sales slumped by 1.1% in November compared to the previously reported 1.3% jump.