Gold Up on Back of Increasing COVID-19 Numbers

Gold steady as inflation bets counter firm US dollar, yields

By Administrator_India

Capital Sands

Gold was up on Wednesday morning in Asia, with investor worries about rising numbers of COVID-19 cases globally and expectations of further stimulus measures giving the yellow metal a boost.

The number of cases topped 9.2 million as of June 24, according to Johns Hopkins University data.

Gold futures were up by 0.16% at $1,784.85 by 12 PM ET (5 AM GMT), its highest mark since October 2012.

Stocks, which usually move in the opposite direction to gold, were mostly up on Wednesday.

Gold got a further boost from U.S. Treasury Secretary Steven Mnuchin’s statement on Tuesday that the next U.S. stimulus bill would focus on getting people back to work quickly, with a further delay of the tax filing deadline under consideration.

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