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Gold prices rose earlier on Monday in Asia, reaching its highest since May as fears of a second wave of COVID-19 cases continued to dampen hopes of a quick economic recovery.
The World Health Organization on Sunday reported a record 180,020 cases, adding up to the near 9 million COVID-19 cases globally as of June 22 reported by Johns Hopkins University.
Gold futures gained 0.85% to $1,767 at 12:20 AM ET (05:20 AM GMT) as investors flocked to the safe-haven metal.
Investor sentiment soured after 2 U.S. Federal Reserve officials warned that the U.S. could see its unemployment rise again if the pandemic was not contained soon.
Meanwhile, geopolitical developments bolstered the yellow metal with China announcing details for the national security laws the nation plans to implement in Hong Kong and Macau. On Sunday, Beijing revealed that it will broaden its powers to enforce its laws, which could be enacted sooner than expected.
The National People’s Congress Standing Committee announced that they would be meeting for a second time from June 28 to 30 after concluding its bi-monthly meeting over the weekend.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
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 ...
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
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 ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
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