Gold rose during Wednesday’s trading to recover from sharp losses witnessed over the past two sessions, amid continuing fears of the spread of the coronavirus and its impact on the global economy.
As of 07:52 GMT, spot gold hovered around $1,564.65 an ounce, where the precious metal hit the highest level today at $1,566.15, after opening the session at $1,557.75.
The precious metal recovered after it lost more than $40 on Monday and Tuesday, despite gains in Asian shares, especially Chinese shares, after the relative calmness about the Coronavirus.
China's state television reported 3,156 new infections in Hubei province, bringing the number of people infected in the province alone to about 16,678, and the number of confirmed cases of Corona infection within Chinese territory was 24,300.
In Washington, the U.S. State Department announced more flights to evacuate its nationals in Wuhan County starting Thursday.
In the same vein, Britain has urged all its citizens in China to leave because of the outbreak of the virus, as Belgium became the latest country to report a confirmed case.
Investors hope that China's stimulus measures will contribute to reducing the impact of the Corona virus on the economy.