Commodity Report: Gold Price Forecast [Video]

Gold prices hit a more than seven-year high on Monday as a stock market rout on concerns over the widening coronavirus outbreak and its economic impact drove investors to safe-haven assets, although profit taking later unwound much of the metal's rise.

Gold touched its highest since December 2012 at $1,702 before being knocked back to stand 0.5% lower at $1,657 per ounce.

Part of the selling was because of the need to meet margin calls as the fast-spreading virus landed a sharp blow on global equities.

Wall Street's main stock indexes plummeted about 5% as a slump in oil prices and the rapid spread of the coronavirus amplified fears of a global recession.

Oil prices dived by a third, its biggest daily rout since the 1991 Gulf War, as Saudi Arabia and Russia indicated they would increase supply to an oversupplied market. 

Investor focus next turns to the European Central Bank meeting due on Thursday and the U.S. Federal Reserve's policy meeting on March 18.

Where are commodity prices heading next?  Watch Phil Carr at The Gold & Silver Club review Gold, Silver and Crude Oil with the latest price forecast and predictions.