Rise in COVID-19 Cases Boost Bullion Prices
APMEX
7/9/2020 2:26:32 PM
As COVID-19 Cases Rise, So Do Bullion Prices
The spot price of Gold was up nearly $6 to $1,794.10 an ounce in the early hours of Monday morning. Platinum also rose almost $17 to $849.90 an ounce, while Silver gained about 40 cents to $18.50 and Palladium climbed $16 to $2003.60.
Global stimulus measures created to cushion economies from the fallout of COVID-19 lockdowns and lower yields have lifted Gold nearly 17% so far this year. A deterioration of U.S.-China trade relations may also deliver some bullion buying momentum.
COVID-19 cases continued to soar in countries including India, Mexico and Australia. 15 U.S. states have reported record surges in new cases of COVID-19 since re-opening in early July, causing some to halt plans to ease lockdowns.
U.S. stocks slipped early Tuesday, following the S&P 500 and the Nasdaq’s five-day rally, as investors considered the risks to the economy from tens of thousands of new COVID-19 cases nationwide. Pushing safe-haven demand, Gold rose above the $1,800 an ounce mark.
Gold climbed for a fourth straight session on Wednesday to score another settlement at their highest since September 2011.
Gold retreated on Thursday, suffering earlier losses after data showed weekly U.S. jobless claims remained well above one million.
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
