Gold prices surge as coronavirus cases rise, dollar declines

Gold prices surge as coronavirus cases rise, dollar declines

Gold rose on Monday as soaring COVID-19 cases uplifted and weak dollar uplifted the metal's appeal. Spot gold was up 0. 2% at $1, 781. 08 per ounce by 05:26 GMT while US gold futures rose 0. 1% to $1, 780. 30 per ounce. Margaret Yang, a strategist at DailyFx said,"the COVID-19 situation in India and Japan is deteriorating. So that is boiling demand for safety, resulting in higher gold prices." As investors keep an eye on strong US economic data, higher yields are capping gold's gains. Market participants now await Fed's two-day policy meeting starting on Tuesday. Spot gold hit its highest since early October 2012 at $1, 788. 96 in early trade, and by 0958 GMT was at $1, 787. 31 per ounce, up 0. 4%. U. S. gold futures were up 0. 3% at $1, 805. 10 per ounce. Spot Gold rose 0. 2% to $1, 945. 56 per ounce by 0918 GMT. US Gold futures rose 0. 3% to $1, 954. 20 per ounce. Spot gold fell 0. 3% to $1, 853. 85 per ounce by 928 GMT. US gold futures were down 0. 5% at $1, 856. 40. Failing to file trademarks under multiple classes