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Gold jumped more than 1 percent to a more than one-week high yesterday as worries over a global economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal.

Spot gold was up 1,1 percent at $1 634,95 per ounce by 0930 GMT, its highest since March 26. US gold futures were up 1,2 percent at $1 665,40.

“The virus’ impact on the global economy and the unprecedented amount of stimulus going through the veins of the financial system should keep supporting gold,” OANDA analyst Craig Erlam said.

“Gold seems to have its eye on $1 700 per ounce and I wouldn’t be surprised to see it push higher.”

The pandemic has infected more than a million people, killed over 68 000 and prompted countries to extend lockdowns to curb its spread, paralysing large swathes of the global economy. – Reuters.