Gold Rising on Fears of Coronavirus And Hopes of US Stimulus

Gold prices rose on Monday, supported by concerns about the worsening Covid-19 pandemic, while the precious metal prices were also boosted by hopes for a new US stimulus package ahead of the presidential elections in November.

The spot price of gold was up 0.6% to $ 1909.90 an ounce, while US gold futures contracts rose 0.3% to $ 1912.40.

Gold is considered a hedge against inflation and currency depreciation, and it has risen about 25% this year as governments and central banks launched a wave of stimulus measures to curb the economic damage of the pandemic.

In other precious metals, silver rose 2.4% to $ 24.74 an ounce, after nearing a week’s high.

Platinum rose 1.2% to $ 870.69 an ounce, and palladium rose 0.9% to $ 2,351.94.