Gold prices up as global COVID-19 cases surge in record number

Gold prices rose earlier on Monday in Asia, remaining above the $1,800 as the COVID-19 pandemic continues to worsen around the world.

Gold futures slipped by 0.29%, trading at $1,807.15 per ounce by 12:47 AM ET (05:47 AM GMT). Investors flocked to the safe-haven after a surge of COVID-19 cases across the globe dampened hopes of a swift economic recovery.

As of July 12, the total number of new cases in a single day surged to a record 230,370, according to the World Health Organization (WHO). Data from the Johns Hopkins University shows that there are over 12.9 million cases globally, as of July 13.

In addition, political tensions brewing between the U.S. and China also soured investors’ risk sentiment for the yellow metal.

U.S. President Donald Trump announced that Washington would no longer be resuming with phase two of the trade deal with China. Investors are currently keeping an eye out for China’s reaction to the statement.