Gold prices rose more than 1% on Friday and were on course for their biggest weekly gain since Oct. 2011, as the global spread of the coronavirus dimmed growth prospects and sent investors scurrying for safe-haven assets.
Spot gold was up 0.7% at $1,681.67 U.S. per ounce early Friday morning, having risen as high as $1,689.65 U.S. Prices are up around 6% so far this week. U.S. gold futures rose 0.9% to $1,682.80 U.S.
The pan-European STOXX 600 index slid in tandem with global equities on concerns that the economic impact of the virus will be more severe than anticipated, while U.S. 10-year Treasury yields slumped to new record lows.
Globally, there have been more than 98,000 cases and more than 3,300 deaths from the coronavirus.
The International Monetary Fund on Wednesday said the outbreak would hold 2020 global output gains to their slowest pace since the 2008-2009 financial crisis.
Elsewhere, palladium fell 3.1% to $2,454.22 U.S. per ounce. The metal had hit an all-time high of $2,875.50 U.S. in late February.
Silver was down 0.2% to $17.38 U.S. an ounce, while platinum was unchanged at $864 U.S.
