A worker tends to gold bars at a precious metals plant.

Gold soared over 1.5% to its highest in more than seven years on Monday, as panicked investors scurried towards the safe-haven metal on fears of coronavirus blow to the global economy and U.S. corporate earnings.

Spot gold surpassed the key $1,700 pivot to touch its highest since December 2012 earlier in the session and was last up 1.7% at $1,717.36 an ounce. U.S. gold futures settled 0.5% higher at $1,761.40, and hit their highest since February 2013 at $1,769.50.