The US dollar inched higher against most major currencies amid intensified markets worries over the Coronavirus, which boosted demand on safe havens such as the greenback and gold away from stock markets.

China announced that the Corona virus has claimed more than 80 victims and 2,800 infected cases, with hundreds in critical condition.

Multiple other countries including the US,, France, South Korea, Japan and Australia have revealed confirmed cases of the virus, which mounted fears of a global epidemic that will force the World Health Organization to declare a state of emergency.

The US Federal Reserve will launch its meeting tomorrow and will continue until Wednesday to unveil its interest rate decision amid widespread forecasts to be kept unchanged.

The dollar index rose against a basket of major currencies by 0.1% to 97.9 points at 20:04 GMT, after hitting a high of 98.00 and a low of 97.7.

Gold prices surged on Monday, shrugging off the US dollar rise against most major currencies, buoyed by strong safe-haven demand amid mounting fears over the outbreak of the Coronavirus.

China announced that the Corona virus has claimed 81 victims and more than 2,000 infected cases, adding that authorities has locked down 2 cities to combat the virus in its "ground zero".

Investor will focus on the Federal Reserve's interest rate decision later this week, in addition to corporate earnings reports for Q4 2019.

The dollar index rose against a basket of major currencies by 0.1% to 97.9 points at 20:12 GMT, after hitting a high of 98.00 and a low of 97.7.

Gold February futures rose 0.4% to close $1,577.40 an ounce (highest closing since April 2013), with a day high of $1,588.4 and a low of $1,575.3.

Palladium futures fell Monday, to continue to drop off the all-time highs amid concerns over demand due to the spread of the Coronavirus in China and multiple other countries.

Experts fear that demand for industrial metals, such as palladium and copper, will be negatively affected by the spread of the Chinese virus as  its death toll and infected cases are increasing.

China announced that the Corona virus has claimed 81 victims and more than 2,000 infected cases, adding that authorities are building a hospital in Wuhan city in just 10 days to combat the virus in its "ground zero".

Investors took shelter in safe havens such as gold and silver, and eschewed industrial metal and stocks, due to the mounting fears over the virus.

Multiple other countries including the US, Saudi Arabia, Japan, South Korea and Malaysia have revealed that they have confirmed cases of the virus.

As of 14:58 GMT, Palladium March futures fell by 3.6% to $2,233 an ounce, after hitting a session-high of $2,326.2 and a low of $2228.1.

The major US stock indices opened sharply lower on Monday, amid the mounting concerns in global markets over the spread of the deadly virus in China, which spooked investors and increased demand on safe havens such as precious metals.

China announced that the Corona virus has claimed 81 victims and more than 2,000 infected cases, and stressed that it expected more cases.

Multiple other countries including the US, France, South Korea and Russia have revealed the have confirmed cases of the virus.

Whilst the World Health Organization is still insisting on not declaring an international emergency due to Coronavirus, but stated that one of its representatives will travel to China soon to determine the full situation.

As for stocks, Dow Jones was lower by 1.5% or 416 points to 28,573 at 15:15 GMT, Nasdaq dipped 1.8% or 170 points to 9,140, and S&P 500 lost 1.5% or 50 points to 3,246.