Gold prices fell earlier on Monday in Asia as a continuous surge in new COVID-19 cases halted its recent rally and battered hopes of a swift economic recovery.
Market sentiment soured as investors digested the number of cases worldwide. The U.S. reported over 2.8 million new COVID-19 cases in the country as of July 6 according to data from the Johns Hopkins University. The figures also saw over 11.4 million cases around the world as of July 6 and has recorded the largest spike in numbers in a day during the weekend.
Gold futures last traded 0.51% lower to $1,780 per ounce at 10:05 PM ET (03:05 AM GMT), losing a portion of its gains from the previous session.
Stocks, which often move in the opposite direction to gold, traded higher earlier on Monday.
Investors are currently focusing on the U.S. services sector activity data for June, which is expected to be released later in the day. Analysts are forecasting a reading of at least 50 for the Institute for Supply Management non-manufacturing Purchasing Manager’s Index (PMI). A PMI reading of 50 or higher indicates economic growth.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the ...