Gold jumped 1 per cent on Monday to a near three-week high as growing concerns that the coronavirus outbreak could impact the global economy pushed investors to safe havens.Spot gold was up 0.8 per cent at $1,582.41 per ounce by 1025 GMT, having earlier touched its highest since Jan. 8. US gold futures rose 0.7 per cent to $1,582.10 per ounce. "Risk aversion is pushing up gold prices . "Despite the strength of the greenback, the bullion price is taking advantage of this uncertain situation," ActivTrades Chief analyst Carlo Alberto De Casa said in a note. "The main trend remains bullish, with the short-term correction seen in the last few weeks seemingly over, increasing the chance of the price achieving a new 7-year-high in the next few weeks.

Source: Economic Times January 27, 2020 10:52 UTC