Physical gold sold at a premium in India driven by plunging imports and a near halt in smuggling that offset impact of high unemployment
Gold prices edged higher on Monday, holding above the key $1,800-per-ounce level, as worries over surging coronavirus cases around the world kept the safe-haven metal underpinned.
- Spot gold was up 0.1% at $1,800.71 per ounce by 0033 GMT. U.S. gold futures rose 0.2% to $1,804.90.
- Physical gold sold at a premium in India last week for the first time this year, driven by plunging imports and a near halt in smuggling that offset the impact of high unemployment and a rise in domestic prices across Asia that could deter buyers.
- More than 12.83 million people have been reported to be infected by the novel coronavirus globally and 565,626 have died, according to a Reuters tally.
- Florida reported a record increase of more than 15,000 new cases in 24 hours on Sunday, as the Trump administration renewed its push for schools to reopen and anti-mask protests were planned in Michigan and Missouri.
- U.S. President Donald Trump said on Friday he was not currently thinking about negotiating a “Phase 2” trade deal with China as relations between Washington and Beijing sour over the pandemic and other issues.
- Gold is used as a safe investment during times of political and financial uncertainty.
- Speculators increased their bullish positions in COMEX gold and silver contracts in the week to July 7, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. [CFTC/]
- Asian shares got off to a firm start as investors wagered the U.S. earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns.
- The dollar index held steady against a basket of major currencies.
- Palladium gained 0.5% to $1,979.96 per ounce, platinum rose 1.3% to $824.80 and silver climbed 0.5% to $18.75.