• Monday, Oct 03, 2022
  • Last Update : 09:54 am

Gold hits one-month high as fears over rising virus cases lift demand

  • Published at 02:20 am June 22nd, 2020
web-Gold BArs`
File photo of gold bars Mehedi Hasan/Dhaka Tribune

Gold is used as a safe investment during times of political and financial uncertainty

Gold prices rose on Monday to their highest in a month as surging coronavirus infections intensified concerns over a delay in global economic recovery and prompted investors to seek the safe-haven metal.

Fundamentals

- Spot gold was up 0.4% at $1,749.54 per ounce as of 0030 GMT after hitting its highest since May 20 at $1,751.

- US gold futures rose 0.6% to $1,763.80 per ounce.

- The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period.

- Market participants also keeping an eye on developments in Hong Kong after details of a new security law for the territory showed Beijing will have overarching powers over its enforcement.

- Gold is used as a safe investment during times of political and financial uncertainty.

- Rising coronavirus cases in the United States dented investor sentiment towards riskier assets, lowering down US stock futures in early Asian trade.

- Apple Inc said on Friday it would temporarily shut 11 US stores as coronavirus cases continue to rise in southern and western states.

- SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 2.03% to 1,159.31 tons on Friday from 1,136.22 tons on Thursday.

- Speculators increased their bullish positions in COMEX gold and silver contracts in the week to June 16, the US Commodity Futures Trading Commission (CFTC) said on Friday.

- On the physical side, gold demand sagged across major Asian hubs as prices resurged last week, although there were expectations that the market may be starting to recover.

- Palladium fell 0.4% to $1,902.01 per ounce, while silver gained 1% to $17.78 and platinum climbed 0.7% to $811.10.

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