Gold futures settled modestly higher Monday midday as global markets were in a free fall, partly sparked by a plunge in crude-oil prices and mounting concerns about the spread of the infectious disease COVID-19. April gold finished the session up $3.30, or 0.2%, to end at $1,675.70 an ounce.

"Risk aversion is very high to start the trading week. Global stock markets are melting down, while currency and commodity markets are in turmoil," wrote Jim Wyckoff, senior analyst at Kitco.com in a Monday research note. Global markets were in turmoil, which have reached a fresh peak after Russia and the Organization of the Petroleum Exporting Countries failed to strike an agreement on deeper crude production cuts. In response, Saudi Arabia slashed crude prices and was looking to ramp up production, a move that is intended to cement its market share, leading investors to worry about a price war that could send shock waves through markets.

Source : Marketwatch