Gold declines as virus panic spurs sell off; palladium jumps

MELBOURNE: Gold declined as investors rush to raise cash to cover losses in other markets amid a surge in volatility across assets, with global leaders striking a pessimistic tone over the likely economic impact of the coronavirus outbreak.

In a sign of the wild swings seen in markets during the health crisis, U.S. equity futures reached their limit-up following their biggest drop since 1987. President Donald Trump has warned of a possible recession and that the economic disruption from the virus could last into summer. Asia-Pacific shares ranged from a further decline in South Korea to gains elsewhere.