Data out of China for February was "worse than many pessimistic forecasts and interest rate cuts from China and the US only underscored the massive challenge the coronavirus poses for world growth," Marex Spectron's Anna Stablum said from the LME desk (Singapore).

The S&P 500 closed down 11.98%, the Nasdaq lost 12.32%, and the S&P/ASX 200 closed down 9.7% yesterday.

London's FTSE 100 fell 4% and Canada's S&P/TSX Composite Index fell 9.88%.

Brazil's main stock exchange IBOVESPA closed down 13.9% after the fall had earlier prompted a 30-minute trading halt.

Traditional safe haven asset, gold, is worth about US$50 an ounce less than this time yesterday.

It was trading at $1,505/oz on the spot market, having fallen towards $1,440/oz earlier.

"A rebound through $1,600 is needed to provide a more bullish view," IG chief market analyst Chris Beauchamp said.

However gold equities in Canada including Kinross Gold (TSX: K) and Yamana Gold (TSX: YRI) enjoyed gains yesterday, up 17.3% and 10.9% respectively.

Dual-listed Cardinal Resources (ASX, TSX: CDV) shop up 40% in both Australia and Toronto after a takeover proposal from Russia's Nordgold.

Finally in South Africa, Impala Platinum (JSE: IMP) closed down 18.7% as platinum group metals and miners lost their shine.