The stars have aligned for gold as concerns the coronavirus outbreak may damage growth, hurt risk assets and add to pressures for easier monetary policy combine to trigger a powerful global hunt for havens.

Bullion headed for the biggest weekly gain in more than six months as prices hit a seven-year high. With bond yields in retreat and real U.S. interest rates sinking further into negative territory, gold-backed exchange-traded fund have posted a record run of inflows and stand at the most ever.

Spot gold climbed 0.8% to $1,632.67 per ounce, the highest since Feb. 2013, and was at $1,631.63 at 07:06 a.m in London. Prices are up 3% this week, the most since the week ended Aug. 9.

Source : Bloomberg