Gold rises as pandemic fears trigger a flight to safety

Gold rose on Wednesday as fears over a worsening coronavirus pandemic triggered a flight to safety, with expectations of further monetary easing by central banks adding support.

Spot gold rose 0.8 percent to $1,582.78 per ounce by 0326  GMT, having slumped 3.1 percent in the previous session on a strong dollar. U.S. gold futures were unchanged at $1,596.50.

Meanwhile, the dollar index, gold’s biggest nemesis, is sidelined near 99.0, having faced rejection near 100.00 on Tuesday. The index topped out near 103.00 on March 20.