Gold Up Alongside Rising COVID-19 Numbers By Investing.com

Gold Up Alongside Rising COVID-19 Numbers

CommoditiesJun 29, 2020 12:07AM ET

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Gold Up Alongside Rising COVID-19 Numbers

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, with investors turning to the safe- haven yellow metal as hopes of a quick economic recovery from COVID-19 were dashed.

There were over 10 million COVID-19 cases globally, with over 500,000 deaths as of June 29, according to data from Johns Hopkins University.

The ever-increasing number of cases served as a grim warning that the fight against COVID-19 is not over and indicated that the road to recovery will be much slower than expected.

California ordered the closure of some bars on Sunday, attempting to curb record number of U.S. cases. But the measures are a setback in reopening the world’s largest economy and kickstart its recovery.

Meanwhile in Asia, Japan reported a 12.3% drop in May retail sales year-on-year.

Gold futures were up by 0.30% at $1,785.65 by 12:02 AM ET (5:02 AM GMT). Stocks, which usually move inversely to gold, were down on Monday.

Investors will also be monitoring comments from both Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin for hints on further stimulus measures as they testify before the House Financial Services Committee on Tuesday.

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Wang Consortium Jun 29, 2020 12:11AM ET

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Gold price no longer tied to Covid-19. Gold lower last week when Covid-19 higher.

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US 30 Futures	34,056.0	+133.0	+0.39%
US 500 Futures	4,172.62	+10.12	+0.24%
Dow Jones	34,200.67	+164.68	+0.48%
S&P 500	4,185.47	+15.05	+0.36%
Nasdaq	14,052.34	+13.58	+0.10%
S&P 500 VIX	16.25	-0.32	-1.93%
Dollar Index	91.530	-0.088	-0.10%

Crude Oil WTI	63.08	-0.38	-0.60%
Brent Oil	66.71	-0.23	-0.34%
Natural Gas	2.686	+0.028	+1.05%
Gold	1,776.90	+10.10	+0.57%
Silver	26.032	+0.068	+0.26%
Copper	4.1665	-0.0520	-1.23%
US Soybeans	1,433.25	+15.25	+1.08%

SPDR S&P 500	417.26	+1.39	+0.33%
iShares Russell 2000	224.65	+0.36	+0.16%
Invesco QQQ Trust	342.01	+0.40	+0.12%
Direxion Daily Junior Gold Miners Bull 2X Shares	97.15	+2.12	+2.23%
iShares Silver	24.09	+0.06	+0.25%
ProShares Ultra VIX Short-Term Futures	4.48	-0.13	-2.82%
ProShares UltraPro QQQ	111.81	+0.47	+0.42%

Apple	134.16	-0.34	-0.25%
Alphabet A	2,282.75	-2.50	-0.11%
Tesla	739.78	+0.93	+0.13%
Amazon.com	3,399.44	+20.35	+0.60%
Netflix	546.54	-2.68	-0.49%
Facebook	306.18	-1.64	-0.53%
Bank of America	39.15	+0.41	+1.06%

Gold Up Alongside Rising COVID-19 Numbers

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