NEW YORK: Global stocks were hammered on Monday and gold prices soared on safe-haven buying as fears mounted that the new coronavirus would derail economic growth.
Oil prices tumbled on worries about demand, while gold prices on the London Bullion Market spiked to US$1,689.31 per-ounce, a level last seen in January 2013, before easing back somewhat as investors sought the precious metal as a safety measure amid the market turbulence.Investors have been unsettled by the spread of the disease, analysts said.
Meanwhile, the World Health Organization said the new coronavirus epidemic had"peaked" in China but warned that a surge in cases elsewhere was"deeply concerning" and all countries should prepare for a"potential pandemic.
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