Gold Rises as a New Wave of Infections Casts a Shadow Over the Economic Recovery

Gold prices rose on Tuesday as a new wave of infections with the Coronavirus threatened to slow the global economic recovery from the Covid-19 pandemic, adding to the appeal of the yellow metal as a safe haven.

Gold spot 0.2% to 1,906.83 dollars an ounce.

In US futures trading, it rose 0.2% to $ 1909.50.

A large number of countries, including the United States, Russia and France, announced record numbers of COVID-19 infections, forcing some to impose new restrictions that threaten to derail the global economic recovery.

The dollar index fell 0.1% against its rivals under strong economic data from China and South Korea, which makes gold cheaper for holders of other currencies.

As for other precious metals, palladium rose 1.3% to $ 2,381.86 an ounce, while platinum rose 1% to $ 878.54.

Silver rose 0.6% to $ 24.47 an ounce.