NEWS / ASIA
Gold price at seven-year high on coronavirus fears
![fidgold-580x358.jpg](https://static.wixstatic.com/media/07359e_d8b53c74451f463f89a66790efe2f1c7~mv2.jpg/v1/fill/w_696,h_392,al_c,lg_1,q_80,enc_auto/fidgold-580x358.jpg)
The price of gold has surged to its highest level in seven years as worries about the coronavirus led investors to seek a safe place for their money.
Gold prices climbed more than 2% on Monday to levels not seen since February 2013.
The price for immediate delivery went as high as $1,678.58 an ounce before falling back slightly.
Meanwhile, stock markets in Europe opened lower, with London's FTSE 100 down more than 2% in early trading.
Milan's main index was worst hit, falling more than 4%. Italy has seen Europe's worst outbreak of the coronavirus and the government has announced a series of drastic measures, with a lockdown in place in several small towns.
Frankfurt's Dax index and the Paris Cac-40 both fell more than 3%.
Analysts said the gold price could breach the $1,700 barrier soon.
"Gold has finally established some serious momentum," said Jeffrey Halley, senior market analyst at online trading platform Oanda.
At the same time, oil prices fell more than 3% on Monday, as investors worried about a fall in demand following the temporary factory closures due to the virus. The price of Brent crude dropped by nearly $2 to $56.57 a barrel.
![download.png](https://static.wixstatic.com/media/07359e_59549094ce9c4599bf4438bb0a6701b2~mv2.png/v1/crop/x_0,y_0,w_554,h_256/fill/w_70,h_32,al_c,q_85,usm_0.66_1.00_0.01,blur_2,enc_auto/download.png)