Spot gold prices shook off a mild move to the upside and turned sharply lower again on Thursday in another day of extreme volatility.
Gold prices were down $41.30 or 2.53 percent to $1,593.50 after peaking at $1,646.40 and sinking as low as $1,560.60.
Comments from U.S. President Donald Trump drove the precious metal lower after he announced a travel ban from most of Europe to the United States for 30 days, intensifying investor fears about the economic fallout from the coronavirus.
Trump's address on the coronavirus also failed to quell concerns about the economic impact of the outbreak.
The World Health Organization (WHO) has declared the coronavirus as a global pandemic after the virus spread to 114 countries, resulting in the deaths of more than 4,500 people worldwide.