2020.04.1410:53:00UTC+00Gold Rises On Virus Worries, Fed Stimulus

Gold prices rose slightly on Tuesday to hover near seven-year highs as concerns remained over the coronavirus' spread in places like Japan and Indonesia.

Japan's health ministry reported 390 new cases of the coronavirus for a domestic total of 7,645.

Indonesia today reported its biggest daily jump in coronavirus deaths with 60 new fatalities, taking the total to 459.

India's nationwide coronavirus lockdown, the biggest in the world, has been extended until at least May 3, but Prime Minister Narendra Modi said restrictions may be eased after one week in areas where the virus situation doesn't deteriorate.

Spot gold rose 0.4 percent to $1,721.45 per ounce, after having touched its highest level since Nov. 2012 at $1,726.85 earlier in the session. U.S. gold futures were up 0.25 percent at $1,765.80.

The virus has infected more than 1.92 million people worldwide, with the death toll exceeding 119,800, according to data compiled by Johns Hopkins University. Over 458,500 have recovered from the disease.

Besides the risk-on environment, the precious metal is also benefiting from the Federal Reserve's stimulus aimed at injecting liquidity into the virus-hit U.S. economy.

The Fed last week announced a $2.3 trillion stimulus package, while European Union finance ministers agreed on half-a-trillion euros worth of economic support.

Several other countries and central banks around the world have also announced fiscal and monetary measures to prop up their economies amid the coronavirus outbreak.