Gold Holds Firm On Virus Worries, Weaker Dollar
Gold prices held steady on Monday as the global death toll from Covid-19 surpassed 600,000 and the euro strengthened to a four-month high in the wake of reports that EU leaders were making progress on a coronavirus rescue plan after three days of haggling.
Spot gold was marginally higher at $1,811.36 per ounce, while U.S. gold futures were up 0.2 percent at $1,812.85.
Coronavirus cases continue to rise in the U.S. as debate begins this week on a new relief bill.
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.
Hong Kong issued tougher new rules on the wearing of face masks amid signs of a resurgence in the virus.
Underscoring the impact of the virus, data released earlier today showed that Japan’s exports plunged at a double-digit pace for the fourth month in a row in June.
The novel coronavirus pandemic has now killed more than 600,000 people worldwide.
Meanwhile, the euro hit a four-month high on hopes that EU leaders would move toward agreement on a proposed 750 billion euro recovery fund to revive economies.
Latest reports suggest that EU leaders were making progress on a coronavirus rescue plan after three days of haggling.
The main division is between countries hit hardest by the virus and some EU members seeking to limit the size of the fund and stricter controls on its use.
Dutch Prime Minister Mark Rutte has admitted leaders were “close to failure” and talks could still “fall apart”.