2020.03.2310:44:00UTC+00Gold Prices Mixed In Cautious Trade

Gold prices traded mixed on Monday as worries over the coronavirus spread mounted and the U.S. Senate failed to advance a third economic stimulus package to help Americans and the American economy weather the pandemic.

Spot gold dropped 0.4 percent to $1,493.73 per ounce, after having risen more than 3 percent in the previous session in reaction to an unprecedented wave of stimulus measures. U.S. gold futures were up 0.85 percent at $1,497.20 per ounce.

The dollar rose towards a three-year high and global equities tumbled as more governments around the world tightened restrictions to fight the pandemic. A surge in infections has caused a critical shortage of medical supplies in many places.

As the global death toll exceeded over 14,000 with more than 325,000 infections, New Zealand said it would close all schools and non-essential services across the country for at least the next four weeks.

Australia started shutting down pubs, clubs, gyms and houses of worship, with the country's borders expected to remain shut for 'six months or more'.

The United Arab Emirates (UAE) halted flights for two weeks while Singapore and Taiwan banned foreign transit passengers.

Eighty cities in India are going into complete lockdown till March 31 to contain the spread of coronavirus.

Nearly one in three Americans were ordered to stay home as the U.S. became the third-largest number of confirmed cases, behind China and Italy, respectively.

New York implemented dramatic restrictions Sunday as the pandemic threatened to make the state one of the world's biggest coronavirus hot spots.

Germany banned gatherings of more than two people while Italy banned internal travel.