2020.03.1810:54:00UTC+00Gold Prices Fall On Coronavirus Fears

Gold prices fell on Wednesday and the dollar stood tall as a spreading coronavirus pandemic threatened to bring the world to a halt.

Spot gold dropped 1.5 percent to $1,505.34 per ounce, after having earlier risen over 1 percent. U.S. gold futures were down 1.3 percent at $1,505.75 an ounce.

Investors are liquidating nearly everything for cash in a flight to safety amid the worsening coronavirus crisis.

Globally, the virus has infected more than 189,386 people and killed at least 7,504, according to Johns Hopkins University, as of March 17.

European leaders agreed Tuesday to close the European Union's (EU) external borders for 30 days in a new effort to slow the spread of the coronavirus pandemic.

Financial markets are finding little succor in global efforts to stem the economic fallout.

Days after the U.S. central bank slashed interest rates to zero, the Federal Reserve on Tuesday launched an emergency effort to make certain that big creditworthy businesses will continue to be able to access funding.

The Trump administration pressed on Tuesday for enactment of a $1 trillion stimulus package that could deliver $1,000 cheques to Americans within two weeks to buttress an economy hit by coronavirus outbreak that has killed over 100 people in the country.

Spanish Prime Minister Pedro Sanchez announced the largest financial aid package in the country's democratic history of up to 200 billion ($220 billion) to fight COVID-19.

The U.K. also unveiled a huge package of support for businesses to help them survive the introduction of tough new social measures to stem the coronavirus outbreak

The European Central Bank came out with a statement today to assert that it stands ready to use all its tools when needed.