2020.03.1910:35:00UTC+00Gold Prices Mixed In Choppy Trade

Gold prices were mixed in choppy trade on Thursday as investors continued to seek the safety of cash amid the worsening coronavirus pandemic.

Spot gold dropped 0.6 percent to $1,477.44 per ounce, after having fallen about 3 percent in the previous session. U.S. gold futures were up 0.25 percent at $1,481.50.

The dollar extended gains and remained on course for its biggest winning streak since 1992 against its peers, as emergency stimulus measures launched by governments and central banks around the world failed to ease investor fears that the world economy is heading toward a recession.

The coronavirus has infected more than 218,800 people worldwide so far, according to Johns Hopkins University, which is tracking cases reported by the World Health Organization and additional sources.

The European Central Bank (ECB) announced the launch of a ?750 billion ($820 billion) emergency bond purchase scheme, but said the so-called Pandemic Emergency Purchase Program is temporary and will be halted when the coronavirus crisis is judged to be over.

Media reports suggest that Japan is considering an economic package worth more than 30 trillion yen (239.83 billion pounds) to combat the widening fallout from the virus outbreak.

The Australian Central Bank lowered its interest rate to 0.25 percent - it's lowest ever as the coronavirus pandemic threatens to drag the country into its first recession since the early 1990s.

The U.S. Senate overwhelmingly passed legislation on Wednesday providing billions of dollars to limit the damage from the coronavirus pandemic through free testing, paid sick leave and expanded safety-net spending.