gold prices rose more than 1 per cent on Monday, following a steep fall across the precious metals complex in the previous session, as worries that the coronavirus epidemic could push the global economy into recession sent investors scurrying for safe havens.

Spot gold gained 1.2 per cent to $1,602.90 per ounce by 0104 GMT, having slumped more than 4 per cent in intraday trade on Friday. US gold futures rose 1.9 per cent to $1,597.10.

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