Investors are rushing to buy the safe haven yellow metal after rising fears over the spread of the coronavirus epidemic triggered panic sell-offs on Asian and European markets.
The price of gold surged more than two percent on Monday, hitting record levels since February 2013. Gold for April delivery on Comex reached $1,691.7 per troy ounce before slightly falling back later in the session. Meanwhile, spot gold was also up around 2.5 percent.
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