Gold prices are higher in Asia trade as markets remain concerned over the effect the coronavirus pandemic could have on global growth.

Though bolstered by haven buying Commerzbank says the precious metal may come under pressure as holders could sell it to cushion losses elsewhere. Coronavirus fears and a slide in crude prices have triggered equities selloffs recently. Investors will likely continue to keep a close watch on coronavirus-related developments.

Spot gold is up 0.3% at $1,579.89/oz and is down about 5.6% over the past week.

Source : Bloomberg