Gold Futures Settle Higher On Safe-haven Appeal

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Gold prices moved higher on Monday on safe-haven demand after reports showed a sharp surge in new coronavirus cases globally over the weekend.

The dollar’s weakness contributed as well to the uptick of the yellow metal. The dollar index dropped to 97.01, losing more than 0.6% from previous close.

Gold futures for August ended up $13.40 or about 0.8% at $1,766.40 an ounce.

On Friday, gold futures for August ended up $21.90 or about 1.3% at 1,753.00 an ounce.

Silver futures for July edged up by about 0.3% to $17.902 an ounce, while Copper futures for July moved up 1.6% to $2.6525 per pound.

According to the World Health Organization (WHO), more than 183,000 new coronavirus infections were reported globally on Sunday, the biggest single-day increase since the outbreak began.

Brazil the U.S. figure at the top of the list, with new infections going up by 54,771. The U.S. was next with 36,617 new cases as states in the South, West and Midwest see surges in new infections following recent reopening.

During his speech in Tulsa, Oklahoma, on Saturday, President Donald Trump blamed the jump in new cases on increased testing and suggested he would like to see testing slowed down.

Although the Trump administration has stated that there will not be another shutdown, Apple Inc. is temporarily closing about 11 retail stores in four U.S. states in view of growth cases of the coronavirus.

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