Gold prices carried gains well from the previous session and regained its status as a safe-haven commodity as the COVID-19 pandemic continues to disrupt global economy.
Gold Futures reached record levels on Monday and rose by 0.35% to $1,797.6 per ounce at 9:25 PM ET (2:25 AM GMT). The rise comes as investors subscribed to the precious metal amid fears brought about by worsening economic news.
On Thursday, the United States reported that over 16 million people had claimed unemployment since March 21 after the pandemic severely affected companies and businesses.
Over the unemployment claims, the U.S. Federal Reserve bank announced a massive $2.3 trillion stimulus package to stave off a recession.
The economic news proved to boost gold prices as uncertainty in equity markets saw it as a safe-haven commodity.
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 Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...