Gold soars more than 2.5% as virus triggers flight to safety

Gold prices surged more than 2.5 per cent to over seven-year highs on Monday as the spread of coronavirus outside China and its potential impact on global economic growth spurred safe haven buying.

Spot gold was up 2.5 per cent to $1,683.94 per ounce at 0953 GMT after hitting $1,688.66, its highest level since January 2013. US gold futures were up 2.3 per cent to $1,686.40.

Gold in euros hit an all-time peak of 1,560.39 euros per ounce, while gold priced in sterling rose to a record high of 1,308.20 pounds an ounce.

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