Gold Prices Rise Again as Global Equities Tumble

Gold prices gained on Friday in Asia as global equities tumbled.

Gold Futures for April delivery were up 0.7% to $1,680.10 by 1:00 AM ET (05:00 GMT). Risk off mode was switched on again as the spread of the new coronavirus accelerated in Europe, Britain and North America.

The yellow metal was on track to record its biggest weekly gain since 2016 amid lingering fears about the coronavirus outbreak. So far, the death toll from coronavirus outbreak has risen over 3,300 while the number of positive cases has risen over 96,500.

Meanwhile, the interest rates cut by the U.S. Federal Reserve also boosted gold prices this week, as lower interest rates reduce the opportunity cost of holding non-yielding gold.