Gold Holds Steady Amid Covid-19 Worries

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Gold held steady on Monday after suffering its biggest fall in two months.

Spot gold was little changed at $1,849.53 an ounce, after having fallen as much as 3.4 percent on Friday, the most since Nov. 9. U.S. gold futures were up 0.7 percent at $1,848.85.

Treasury yields declined and equities retreated on worries over rising coronavirus cases, helping provide some support for the precious metal.

With the identification of cases of the new strains of coronavirus – from the U.K. and South Africa – Germany’s Chancellor Angela Merkel warned locals “these next winter weeks will be the hardest phase of the pandemic”.

The warning came after 465 new deaths were reported on Saturday, taking the death toll to 40,343.

Elsewhere, mainland China saw its biggest daily increase in Covid-19 cases in more than five months, as new infections in Hebei province, which surrounds the capital Beijing, continued to rise.

U.S. politics also remained in focus after U.S. House Speaker Nancy Pelosi said Sunday the House will proceed with legislation to impeach President Donald Trump.

With only days left in his presidency, Peloci shared a plan to curb the president’s powers over his role in the violent storming of the Capitol.

Pelosi said that she will table a resolution in the chamber urging the removal of President Trump from the office under the 25th Amendment of the Constitution.

The material has been provided by InstaForex Company – www.instaforex.com

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