The precious metal is up over 2% on the day. The gains were driven by investors bidding the safe-haven gold and other similar assets. This comes as France already reported a big drop in tourism.
Investors are starting to assess the big impact the virus outbreak is causing on various economies around the world.
XAU/USD at 7-year High, Shows No Sign of Easing
The precious metal touched a 7-year high on Monday as it hit 1689 before retreating intraday. The gains are driven by the investor fears of a widespread impact due to the virus outbreak.
In the near term, any dips are likely to attract new buyers into the market. If there is a rebound, then we expect the XAUUSD to hit the 1700 handle in the near term.
