Gold held near the highest level in more than seven years on demand for haven assets amid the resurgence in coronavirus cases in some parts of the world, while the U.S. dollar slipped.
The pace of new infections in Tokyo, Iran and elsewhere is raising concerns about a fresh wave. Australia™s two most-populous states will close their shared border from Tuesday night as authorities battle to contain a spike in cases. Any vaccine developed to ward off the novel coronavirus would likely be limited in how long it shields against infection, according to top U.S. infectious disease expert Anthony Fauci.
Spot gold little changed at $1,784.30/oz at 8:19am in Singapore; +0.5% on Monday. Last week, prices touched $1,789.28, the highest since October 2012. Silver +0.1%, platinum +0.2%, and palladium +0.3%. The Bloomberg Dollar Spot Index -0.2%, lower for a sixth day.
Bullion™s advance on Monday came even as risk assets, including equities and base metals, rallied. In the U.S., the S&P 500 rallied for a fifth session, while tech gains pushed the Nasdaq Composite to a record.
Source : Bloomberg
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