Gold prices gained today as rising cases of coronavirus beyond China exacerbated fears of a pandemic and its broader economic impact, boosting hopes for interest rate cuts by major central banks and demand for safe haven assets.

Spot gold rose 0.6% to $1,650.12 per ounce by 12:37 GMT, jumping as much as 1% in the previous session.

U.S. gold futures were also up 0.6% at $1,652.30.