Gold jumps to 2-week high on global recession fears

Gold prices rose on Monday, to extend gains for the fourth straight day and hit a 2-week high, on strong safe-haven demand amid mounting fears over a global recession due to the coronavirus impact. 

Gold prices rose 1.1% to $ 1,637.73, the highest since March 26, from the opening level of today's trading at $ 1,619.14, and recorded the lowest level at $ 1,608.99.

Gold rose by 1.1% to the highest since March 26 at $1,637.73an ounce, after rising 0.25% on Friday, posting its third straight daily gain after disappointing jobs data in the US. 

Gold lost 0.6% during the last week, to post its third weekly loss in one month, as investors rushed to hoard the US dollar amid fears of a liquidity crunch.

Coronavirus infections rose to more than 1.2 million cases worldwide, and its death toll rose to more than 68,000 victims, leading most global governments to extend lockdown to contain its spread, which deepens the huge global economic losses.

Most experts believe the global economy will suffer a contraction more severe than the 2008/09 global financial crisis.

Gold stocks at the SPDR ETF rose by 7.02 metric tonnes on Friday, with the total at the highest level since August 5, 2016 of 978.99 mt.