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

13.07.2020 - Davydova Maria
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.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?