10.02.202009:26:00UTC+00Gold Rises On Safe-haven Demand

Gold prices inched higher on Monday amid safe-haven demand as a spreading coronavirus fanned worries about a slowdown in global growth.

Spot gold rose 0.3 percent to $1,574.45 per ounce, while U.S. gold futures were up 0.25 percent at $1,577.85.

China virus worries dented demand for riskier assets after the head of the World Health Organization said the thousands of coronavirus cases in the Chinese city of Wuhan, the center of the epidemic, is likely "just the tip of the iceberg."

"There have been some concerning instances of onward 2019nCoV spread from people with no travel history to China. The detection of a small number of cases may indicate more widespread transmission in other countries," tweeted Ghebreyesus, Director-General of the WHO.

"In an evolving public health emergency, all countries must step up efforts to prepare for 2019nCoV's possible arrival and do their utmost to contain it should it arrive. This means lab capacity for rapid diagnosis, contact tracing and other tools in the public health arsenal," he said.

The death toll in China due to novel coronavirus epidemic jumped to 908 and the number of confirmed cases has risen over 40,000, Chinese health officials said today.

Workers began trickling back to offices and factories around China as the government lifted some work and travel restrictions. Investors were also reacting to positive inflation data from China.