Fresh outbreak of coronavirus in the US particularly is driving safe-haven buying, analyst says
Gold prices rose on Monday as worries over a surge in fresh Covid-19 infections globally dented investor optimism about a swift economic rebound and drove investors towards the safe-haven metal.
California ordered some bars to close on Sunday, after similar moves in Texas and Florida, as cases nationwide soar to record levels each day. Washington state and the city of San Francisco have paused reopening plans. The outlook for a global economic recovery over the past month has worsened or at best stayed about the same, according to a firm majority of economists in Reuters polls.Indicative of sentiment, SPDR Gold Trust holdings rose 0.3% to 1,178.90 tonnes on Friday, while speculators increased their bullish positions in Comex gold and silver contracts in the week to June 23.
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