2020.03.0919:04:00UTC+00Gold Futures Settle Higher Again On Safe-haven Demand

Gold futures ended higher on Monday as investors sought the safe-haven asset after global stocks tanked amid mounting concerns about the economic impact of the rapidly spreading coronavirus disease.

According to reports, roughly 11,000 people have been infected worldwide and more than 3,800 have died from the coronavirus.

The dollar's sharp fall further aided gold's uptick. The dollar index tumbled 1.1% to 94.90.

Gold futures for April rose to $1,704.30 before parting most of its gains and eventually settling at $1,675.70 an ounce, up $3.30, or about 0.2%, from previous close.

On Friday, gold futures for April ended up $4.40, or about 0.3%, at $1,672.40 an ounce, after gaining $25.00, or about 1.5% on Thursday.

Silver futures for May ended down $0.209 at $17.054 an ounce, while Copper futures for May settled at $2.5105 per pound, down $0.0500 from previous close.

Equities crashed in Monday's session after the Organization of the Petroleum Exporting Countries (OPEC) and Russia failed to reach an agreement on deeper production cuts, and Saudi Arabia launched a price war on Russia.

Saudi Arabia today slashed crude oil prices and said it would increase crude output, raising concerns about dangerous implications in the oil market.

Meanwhile, in virus-related news, several countries are reportedly adding travel restrictions and in Italy more than 16 million people are literally locked in as 366 people are dead on Coronavirus infection. The Middle East countries are implementing restrictions such as shutting down of schools and shopping malls.

Germany's government announced measures including additional investment over next four years to boost the economy as the coronavirus, or COVID19, outbreak hurt activity.

French Finance Minister Bruno Le Maire said today that the European Union (EU) needs a "massive" economic stimulus package to fight with the negative impact of the coronavirus outbreak.