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Gold Ticks Up on Concerns Over Increase in Virus Cases


Monday, 6 July 2020 08:11 WIB

GOLDEMAS


Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high in global infections over the weekend.

U.S. virus cases increased 2%, more than the seven-day average, according to an updated Johns Hopkins University count, while global cases topped 11.3 million. Mexico overtook France with the fifth-deadliest outbreak.

Spot gold +0.2% to $1,776.01/oz at 8:10am in Singapore. Last week, prices touched $1,789.28, the highest since October 2012. Silver +0.2%, platinum +0.6%, and palladium -0.3%. The Bloomberg Dollar Spot Index flat.

Meanwhile, Goldman Sachs Group Inc. revised down its estimate for the U.S. economy this quarter, but predicted it will be back on track in September after some states imposed fresh restrictions to combat the pandemic.

Source : Bloomberg


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