Gold Rising as Virus Cases Increase And The Dollar’s Decline Reinforces Its Safe-Haven Appeal

Gold won today, Monday, as the increase in the incidence of Covid-19 cases strengthened its appeal as a safe haven, and this reinforced the weakness of the dollar before the meeting of the Federal Reserve (US Central Bank) this week, while the palladium, which is used in the auto industry is near an unprecedented peak it reached last week.

And gold increased in the spot market 0.2% to 1781.08 dollars an ounce. US gold futures rose 0.1% to $1780.30 an ounce.

Cases in India witness a record increase, while Japan declared a state of emergency in Tokyo, Osaka and two other provinces on Friday to cope with the increasing rate of infections.

US factory activity improved in early April, while retail sales jumped to an unprecedented level in March and hiring accelerated.

Palladium rose 0.4% to $2865.99 an ounce, after hitting a record high of $2,925.14 on Friday.

Silver rose 0.1% to $26.02, and platinum rose 0.1% to $1231.03.