© Reuters.

By Barani Krishnan

Investing.com - Gold jumped almost 7% on the week, its biggest weekly gain in 11 years, as the yellow metal’s prices neared $1,700 per ounce amid growing fears over the coronavirus contagion that drove investors worldwide toward safe havens.

on New York’s COMEX settled up $4.40, or 0.3%, at $1,672.40 per ounce. For the week, gold futures jumped 6.7%, their biggest weekly gain since 2009. April gold earlier hit a session high of $1,690.65, coming less than $10 of gold bugs’ target of $1,700.

, which tracks live trades in bullion, was at $1,672.29 by 3:45 PM ET (20:45 GMT), down 9 cents, or 0.01%. The session high was $1,692.12.

For the year, gold futures were up 9%, while bullion climbed 10%, as the coronavirus claimed nearly 3,300 lives worldwide and infected 100,000 more. In the United States, where the pandemic is steadily growing, 14 people have died and more than 200 have been infected.