Record Number of U.S. COVID-19 Cases Boost Gold By Investing.com



© Reuters.

By Gina Lee

Investing.com – Gold was up on Friday morning in Asia, with investors turning to the safe-haven after the U.S. saw a record number of daily COVID-19 cases.

The U.S. reported over 60,000 cases on Thursday, with Texas, Florida and California among the states with record numbers of new cases.

were up by 0.15% at $1,806.50 by 12:29 AM ET (5:29 AM GMT), ending the week above the $1,800 mark.

Meanwhile, COVID-19 continues its global rampage, with over 12.2 million cases and 550,000 deaths globally as of July 10, according to Johns Hopkins University.

The numbers further dampened investor hopes of an economic recovery from the virus, which was compounded with some cities forced to reimpose lockdown measures. Hong Kong tightened social distancing measures on Thursdays, following Beijing and Melbourne, to curb a fresh outbreak of the virus in the city

The prospect of further stimulus measures from central banks continues to give the yellow metal a boost.

“These stimulus (measures) are not going away very soon. If we see the global supply chain, it has been massively disrupted and that disruption adds to inflation as well,” Ryan McKay, commodity strategist at TD Securities, told CNBC.

With $2 trillion worth of existing stimulus measures due to expire at the end of July, investors will be looking for the U.S. Federal Reserve’s next move.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.