Gold climbs to 7-year high as coronavirus seen impacting global growth

Even as the number of new coronavirus cases in China slowed, new research suggesting the virus was more contagious than previously thought added to the alarm

Gold prices climbed to their highest level in seven years on Thursday as an uptick in the number of coronavirus cases in South Korea fueled worries over the wider economic impact of the outbreak. Spot gold rose 0.44 per cent to $1,618.38 per ounce by 1:41 p.m. EST (1841 GMT), after hitting its highest level since February 2013 at $1,623.45. US gold futures settled up 0.5 per cent at $1,620.50 per ounce.

"Now that gold has surpassed the $1,600 level, more investors and traders will take positions now," said Michael Matousek, head trader at US Global Investors.

"Coronavirus is definitely