Gold Climbs Near Eight-Year High Amid Resurgence of COVID-19 Cases
APMEX
6/25/2020 8:49:25 AM
The Gold spot price rose to $1,773.20 an ounce early Monday. Prices are nearly $9.00 more than the seven and a half year high of $1,764.55, hit in May of this year. U.S. Gold futures also climbed 0.7% to $1,764.50. Gold prices have soared 15% so far in 2020, boosted by fears of COVID-19-prompted economic slowdowns and unprecedented global stimulus measures by governments and central banks.
Gold climbed toward its highest mark in more than seven years Tuesday as low-interest rates, U.S.-China tension, and a faltering U.S. dollar fueled a surge for bullion. The conflicting statements on the status of the U.S.-China trade deal from White House, along with increasing tensions between the two nations, has led to more safe-haven buying in Gold. Silver rose 16 cents, or 0.9%, to $18.063 an ounce following a 0.3% rise on Monday.
Gold prices were moderately lower in midday Wednesday after pushing a nearly eight-year high of $1,796.10 an ounce overnight. Safe-haven demand has risen this week amid a troubling upsurge in COVID-19 cases around the globe. Meanwhile, Silver retreated 39 cents, or 2.2%, to $17.67 an ounce, following a 0.9% rise the previous day.
Gold held steady on Thursday, after hitting a nearly eight-year high in the last session, as an escalation in global COVID-19 cases drove safe-haven demand. Three U.S. states reported record increases in new cases on Wednesday. There has been an increase in cases around the world as well, including in Brazil, Latin America, and India, which is also the world's second-biggest bullion consumer.
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