Gold prices fell over 1%, extending losses from the previous session’s meltdown, as investors continued to sell assets to keep their money in cash because of heightened concerns over the economic toll of the coronavirus outbreak.

On the other hand, autocatalyst metals platinum and palladium rose more than 5% each in early trade before paring gains. The metals were the worst hit in Monday’s free fall since they are also considered industrial metals.

Spot gold fell 1.1% to $1,496.78 per ounce by 05:40 GMT, having slumped as much as 5.1% on Monday to its lowest since November 2019. U.S. gold futures gained 1.1% to $1,503.20.

“This is just a continuing trend of gold positions being liquidated as equity markets collapse. There is a trend towards holding cash in the market and that’s being reflected in gold,” said Jeffrey Halley, a senior market analyst at OANDA.

Among other precious metals, palladium rose 2.1% to $1,651.26 per ounce, having plummeted as much as 18% in the previous session.

Platinum was steady at $663.09, having posted its biggest one-day percentage decline ever on Monday. Silver fell 1.5% to $12.71, after touching its lowest since 2009 in the last session.