It's been one of the worst day ever for Australian shares as it falls 9.7% today, that's around $182 billion wiped out.
The S&P/ASX200 finished the trading day by more than 500 points down, closing at 5,002.
In October 2008, the S&P/ASX200 fell by 8.3% and today this was eclipsed with around 9.7% lost in one day only.
For the last 3 and a half weeks, the Australian benchmark has now lost more than 30% of its value, and 6 out of the 11 sectors present in the ASX were down by more than 10%.
The big four banks dropped in value again with the energy sector facing the worse hit.
SENSEX plunges and drops around 2000 points
It is not only the US, Europe or Asian markets being affected due to the coronavirus. In India today, the SENSEX dropped around 2000 points.
Heavy sell-off was observed today morning in India as the uncertainty over the outbreak's financial impact prevails.
The number of total cases in India reached 110 after a spike in the Maharashtra region. Economic experts are predicting the whole world's markets could be battered in the next few weeks, but a recovery is expected once there is a substantial drop in the number of cases.
US Gold futures rise
Spot gold was up by 0.9% today, with prices rising early Monday. This was due to the surprise Fed rate cut.
Jeffrey Halley, a senior market analyst at OANDA, said "A widespread pandemic causing a global shutdown, emergency rate cuts and falling US dollar should be nirvana for gold", but "Unfortunately, these are not normal times and the usual rules don't seem to apply anymore. If equities drop further, liquidation of gold long positions seems inevitable."
Among other precious metals, silver gained 0.4% today and palladium fell by 3.2% while platinum dropped by 0.4% reaching $758.50.
Financial Events to watch for today
10:00 GMT Eurogroup Meetings