Gold rose on Thursday as a surge in the number of new coronavirus cases in China dashed hopes the epidemic was slowing and drove investors to safe-haven assets.

Spot gold was up 0.6 per cent to $1,574.66 per ounce at 0806 GMT. US gold futures gained 0.4 per cent to $1,577.90.

The unfortunate increase in number of cases in the Hubei province, which is ground zero … has affected risk-on sentiment,” said John Sharma, an economist at National Australia Bank (NAB).

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