Today, gold rose 1%, regaining some ground after the previous day’s near 2% slide, as fears over the economic toll of the coronavirus outweighed an uptick in equity markets following an interest rate cut from the Bank of England.

Spot gold was up 1% at $1,664.81 per ounce by 12:44 GMT, while U.S. gold futures gained 0.4% to $1,666.90.

“Gold remains driven by developments in global financial markets, which are driven by the further development of the coronavirus (outbreak),” Commerzbank analyst Carsten Fritsch said.

Elsewhere, palladium fell 2.2% to $2,367.95 per ounce, while platinum was up 0.8% at $876.13.

However, silver rose 0.6% to $16.96 per ounce.