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Gold Rises on Increased Covid-19 Cases

Adel 20 July, 2020 2:38 pm Commodities, Market Update

Prices of the precious yellow metal rose during trading on Monday with weak USD, due to concerns about the increase in Covid-19 cases and its impact on the global economy, which kept the metal above the psychological level of $ 1,800/oz.

Gold is currently trading at $ 1811.70/oz, recording an increase of 0.07%, while the metal futures for August delivery rose to $ 1811.6/oz by 0.09%.

The metal fell about 0.1% to $ 1807.8/oz in early trading and futures reached $ 1809.7.

Covid-19 cases continue to rise in the United States, which raises concerns about the global economic recovery due to the pandemic. The number of infected cases surges to more than 14m people worldwide.

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