Gold holds near 1-month peak on second wave fears
Gold costs on Tuesday held agency close to a greater than one-month peak scaled within the final session, as an increase in coronavirus infections fuelled issues of a second wave of the pandemic.
Spot gold was up 0.1% to $1,756.70 per ounce at 1154 GMT. On Monday, bullion hit $1,762.84, its highest since May 18. U.S. gold futures have been up 0.3% to $1,771.20 per ounce.
“Stimulus and fiscal spending are going to continue to go up because the virus hasn`t gone… we`re not out of the woods yet and that`s driving continuous demand for safe havens” particularly with the liquidity from central banks beginning to stoke inflation, Saxo Bank analyst Ole Hansen stated.
Technically, he stated a break above the $1,745-$1,765 vary “would trigger a chase towards the $1,800 level”.
Global instances of the novel coronavirus surpassed 9 million on Monday.
Gold has gained practically 16% this 12 months, hitting a 7-1/2 12 months peak of $1,764.55 final month, supported by world stimulus measures for the reason that non-yielding steel is taken into account a hedge in opposition to inflation and forex debasement.
Holdings in SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, rose 0.58% to 1,166.04 tonnes on Monday, a degree final seen in April 2013.
While the rise in an infection is positive for gold, demand from the world`s second greatest bullion client India is more likely to stay paralysed for the reason that nation can also be seeing a spike in instances, Commerzbank stated.
Also serving to gold, the greenback edged 0.2% decrease in opposition to a basket of currencies.
Gold`s beneficial properties got here regardless of an increase in equities pushed by information displaying the downturn within the euro zone economic system eased this month, and after U.S. President Donald Trump tweeted the U.S.-China commerce pact was “fully intact”.
Elsewhere, palladium slipped 0.6% to $1,926.25 per ounce, platinum rose 0.4% to $824.97 per ounce and silver was regular at $17.82 per ounce.
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