Gold ticks higher on worries over rising Covid-19 cases

Gold is used as a safe investment during times of political and financial uncertainty.

Reuters
Physical gold sold at a premium in India last week for the first time this year.
Gold prices edged higher on Monday, holding above the key $1,800-per-ounce level, as worries over surging coronavirus cases around the world kept the safe-haven metal underpinned.

FUNDAMENTALS
Spot gold was up 0.1% at $1,800.71 per ounce by 0033 GMT. U.S. gold futures rose 0.2% to $1,804.90.


More than 12.83 million people have been reported to be infected by the novel coronavirus globally and 565,626 have died, according to a Reuters tally.

Florida reported a record increase of more than 15,000 new cases in 24 hours on Sunday, as the Trump administration renewed its push for schools to reopen and anti-mask protests were planned in Michigan and Missouri.

U.S. President Donald Trump said on Friday he was not currently thinking about negotiating a "Phase 2" trade deal with China as relations between Washington and Beijing sour over the pandemic and other issues.

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Gold is used as a safe investment during times of political and financial uncertainty.

Speculators increased their bullish positions in COMEX gold and silver contracts in the week to July 7, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. [CFTC/]

Asian shares got off to a firm start as investors wagered the U.S. earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns.

The dollar index held steady against a basket of major currencies.

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Physical gold sold at a premium in India last week for the first time this year, driven by plunging imports and a near halt in smuggling that offset the impact of high unemployment and a rise in domestic prices across Asia that could deter buyers.

Palladium gained 0.5% to $1,979.96 per ounce, platinum rose 1.3% to $824.80 and silver climbed 0.5% to $18.75.
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