Gold prices down as fears mount over surging COVID-19 cases

Gold prices fell earlier on Monday, losing a portion of its gains from the earlier session as fears mounted over the surge of new cases of COVID-19 in several countries during the weekend.

Gold futures slid by 0.15% at $1,734.65 per ounce at 11:53 PM ET (04:53 AM GMT).

Beijing reported 57 new cases on June 13 after weeks of reporting only single-digit numbers. The outbreak is said to have originated in the Xinfadi market district.

Tokyo also reported its highest number of new cases in May, with 27 of the 47 reported cases originating from nightclubs and bars that have only recently opened.

Record numbers of cases were also reported in the U.S. states, including Florida and Texas where lockdown measures were recently re-opened.

Stocks, which has been often observed to move in the opposite direction to gold, were also mostly down on Monday.