Bullion Prices See Rise Amid Rising Global COVID-19 Cases
APMEX
7/16/2020 6:49:58 AM
Bullion Prices Rise As COVID-19 Cases Increase
On Monday, Gold registered its first gain in three sessions, with market analysts connecting the boost to a worldwide rise in the number of COVID-19 cases and robust investment in Gold-backed ETFs. Total U.S. COVID-19 cases exceeded 3.3 million on Monday, and the nation’s death toll topped 135,000, the Wall Street Journal reported. Also, Silver settled a near four-year high, up 73 cents to finish at $19.788 an ounce. That was the highest settlement since September 2016, according to Dow Jones Market Data.
Gold dropped lower on Tuesday but cut much of its earlier losses to settle above the critical $1,800 an ounce mark. The yellow Precious Metal found support from U.S.-China tensions and the continued rise in COVID-19 cases. Meanwhile, Silver lost 26 cents, finishing at $19.53 an ounce.
Gold saw a slight rise on Wednesday, the yellow Precious Metal saw support from weakness in the U.S. dollar, but strength in global stock markets on optimism surrounding a COVID-19 vaccine kept a cap on the price rise. Better-than-expected quarterly results from U.S. corporations also suppressed the traditional haven appeal for bullion.
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