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Gold Up Over Continuous Influx of COVID-19 Cases

Published 07/06/2020, 10:10 PM
Updated 07/06/2020, 10:13 PM
© Reuters.

© Reuters.

By Gina Lee

Investing.com – Gold was up in Asia on Tuesday morning, with investors turning to the safe-haven asset as the number of COVID-19 cases continuing to show no signs of abating globally.

There were over 11.5 million cases worldwide as of July 7, with the U.S. accounting for almost 3 million of the cases, according to Johns Hopkins University data.

Gold futures were up by 0.06% at $1,794.65 by 10:12 PM ET (3:12 AM GMT), edging towards the 1,800 mark. Stocks, which usually move inversely to gold, were up on Tuesday.

Meanwhile, the U.S. reported an Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers' Index (PMI) of 57.1 for June on Monday. Despite a higher-than-expected figure exceeding analyst forecasts as well as indicating the U.S. services sector is back to growth, some investors remain cautious about the global economic recovery with the ever-increasing numbers and no cure.

Although this caution will give gold a boost in the short term, investors will also be looking to see the impact of positive data on government stimulus measures globally.

Latest comments

gold knows the truth
fake news, has nothing to do with COVID-1984. the USD dumped nearly 0.5% today, stocks pum.ped hard, gold was net up 0.2%. had nothing do with fake virus fears the media keeps trying to shove down peoples throats.
informing
thanks for infighting why gold went up yesterday and why somehow for the same reasons gold goes down tomorrow no philosophy degrees required whatever goes around comes around dispite any price manipulations.
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