Gold Futures Settle Higher For 2nd Straight Session
Gold futures settled higher on Monday, extending gains from previous session, as the dollar stayed weak and uncertainty about the pace of global economic recovery due to rising coronavirus cases continued to weigh on sentiment.
However, fairly steady equity markets and optimism about a potential coronavirus vaccine from AstraZeneca limited gold’s uptick.
Gold futures for August ended up $7.40 or about 0.4% at $1,817.40 an ounce.
Meanwhile, Silver futures for September moved up $0.428 or about 2.2% to settle at $20.192 an ounce, the highest settlement since August 2016.
Copper futures for September settled at $2.9155 per pound, gaining $0.0110 or 0.4%.
In news about coronavirus, reports say cases continue to rise in the U.S. Sunday marked the 41st straight day that the seven-day average for new daily coronavirus infections in the United States trended upward. Kentucky, Louisiana, Oregon and South Carolina all set new single-day records on Sunday.
Global death toll from Covid-19 surpassed 600,000, according to reports. Hong Kong issued tougher new rules on the wearing of face masks amid signs of a resurgence in the virus.
Meanwhile, reports said EU leaders were making progress on a coronavirus rescue plan after three days of haggling. European Council President Charles Michel has proposed a new figure of ?390 billion in grants combined with smaller rebate, as against an initial proposal of ?400 billion. Still, the size is higher than the ?350 billion proposed by countries including Austria, Denmark, Sweden, and the Netherlands.