Gold Edged Higher As Virus Fears Mount

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Gold prices edged higher on Monday as growing concerns about a rise in coronavirus cases underpinned safe-haven demand for the precious metal.

Spot gold edged up 0.1 percent to $1,746.08 per ounce, after hitting its highest level since May 18 earlier in the day. U.S. gold futures were up 0.3 percent at $1,757.50.

Global growth concerns resurfaced after the World Health Organization reported a record increase in global coronavirus cases on Sunday and warned the pandemic is entering a “new and dangerous” phase.

The Trump administration has declared there will not be another shutdown, but Apple Inc. (AAPL) is temporarily closing about 11 retail stores in four U.S. states in view of growing cases of Covid-19.

As Beijing’s case load increases, a leading infectious disease expert warned that similar, smaller outbreaks could occur in other cities as well.

China on Sunday reported 25 new confirmed Covid-19 cases for June 20 including 22 in Beijing and three in neighboring Hebei province.

A panel of chief health officers has urged Victorians to steer clear of six local government areas after a dramatic spike in Covid-19 numbers in Australia.

South Korea said today for the first time it is in the midst of a ‘second wave’ of the coronavirus.

Two U.S. Federal Reserve officials signaled caution on U.S. economic recovery and warned the jobless rate will rise again if the pandemic is not brought under control.

Investors also keep an eye on geopolitical tensions after details released on Saturday showed that Beijing will have overarching powers over the enforcement of a new national security law in Hong Kong.

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