Gold held near the highest level in more than seven years as a resurgence in coronavirus cases in multiple U.S. states spurred a flight from riskier assets and lifted haven demand, with the dollar also getting a boost, capping gains in the precious metal.

U.S. futures dipped and Treasuries held gains, while Asian stocks dropped after signs of a worsening outbreak across the U.S, with Florida, California and Texas setting daily records for infections. A new model predicts 180,000 American deaths from the virus by the start of October.

Spot gold +0.3% $1,767.15/oz at 8:22am in London. On Wednesday, prices hit $1,779.53, the highest since October 2012. Futures on the Comex +0.2% to $1,778.10; prices hit $1,796.10 on Wednesday, before retreating as the dollar strengthened.

Source : Bloomberg