Gold holds firm above $1,800/oz on virus fears, weaker dollar

Gold holds firm above $1,800/oz on virus fears, weaker dollar

13 Jul 2020 10:45 AM
 

Gold prices rose on Monday, holding ground above the key $1,800/oz level, as a weaker dollar and worries over surging COVID-19 cases around the globe kept the safe-haven metal underpinned.

Spot gold was up 0.3% at $1,803.80 per ounce by 08:33 am. U.S. gold futures rose 0.4% to $1,809.10.

The medium-term outlook for the economic recovery still looks very uncertain and this continues to provide ample room for gold to float higher, Innes added.

More than 12.83 million people have been reported to be infected by the novel coronavirus globally and 565,626? have died, according to a Reuters tally.

Coronavirus infections in the United States continued to surge over the weekend as Florida reported a record increase of more than 15,000 new cases in 24 hours on Sunday.

Elsewhere, palladium gained 0.9% to $1,987.77 per ounce, platinum rose 2.4% to $834.05 and silver climbed 1% to $18.86.