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Gold prices retreat amid rising global COVID-19 cases

08.07.2020 12:01:31
137976

Gold traded lower earlier on Wednesday in Asia even as the new COVID-19 cases continue to increase globally. However, gold prices still remained above the benchmark $1,800 level.

Gold futures slipped by 0.18% to $1,806.6 per ounce at 12:48 AM ET (05:48 GMT). Stocks, which usually move inversely to gold, also traded lower.

COVID-19 cases have continued to rise with almost 11.8 million cases reported worldwide as of July 8, according to data from Johns Hopkins University data.

In Asia, Hong Kong has considered imposing tighter social distancing measures to combat a third wave in the city. Australia has also re-imposed lockdown measures in Melbourne, its second-largest city.

More than 3 million COVID-19 cases have been confirmed in the U.S. amid Congress’ $2 trillion economic rescue lifeline to combat the pandemic is scheduled to end on July 31. Three officials from the U.S. Federal Reserve warned that the increasing number of COVID-19 cases will hamper the country’s economic recovery.

Latest News

31.07.2020 14:00:27

Oil prices rebounds from record lows amid looming headwinds from the pandemic

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 ...

31.07.2020 11:00:29

Asian stocks dwindle as global growth fears overshadow strong tech earnings

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29.07.2020 14:00:25

Aussie consumer prices hit record low in second quarter, outlook remains murky

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 ...

29.07.2020 09:00:24

Britain signs deal with Sanofi/GSK for 60 million doses of COVID-19 vaccine

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, ...

27.07.2020 13:00:22

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