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 11.4 million. Mexico overtook France with the fifth-deadliest outbreak, while India’s coronavirus epidemic became the third biggest in the world, surpassing Russia.
Spot gold as much as +0.3% to $1,776.80/oz, and was at $1,773.23 at 6:28am in London. Last week, prices touched $1,789.28, the highest since October 2012. Silver steady, platinum +0.4%, and palladium -0.5%. The Bloomberg Dollar Spot Index -0.2%.
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