Gold up as COVID-19 cases spike

Xinhua
27 Oct 2020, 00:21 GMT+10

CHICAGO, Oct. 26 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as COVID-19 cases rose drastically around the world.

The most active gold contract for December delivery rose 0.5 U.S. dollars, or 0.03 percent, to close at 1,905.7 dollars per ounce.

New COVID-19 cases in EU is breaching more than 120,000 per day, and the U.S. COVID-19 case count is rising rapidly as well. In response, the global equities fell, supporting gold.

Gold found additional support as a report released by the Chicago Federal Reserve on Monday stated that its national activity index fell to 0.27 in September, as against a reading of 1.11 in August. Analysts note that this is bad news for the economy as the third wave of the COVID-19 pandemic hitting Europe has not fully arrived in the United States yet.

Nevertheless, a stronger U.S. dollar capped gold's rise somewhat.

Silver for December delivery fell 25.5 cents, or 1.03 percent, to close at 24.42 dollars per ounce. Platinum for January delivery fell 29.3 dollars, or 3.23 percent, to close at 877.4 dollars per ounce.

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