Gold Prices Steady as Virus Fears Offset Equity Rally

Gold held steady on Monday as lingering fears over a surge in coronavirus cases countered pressure from stronger equities, with focus turning to US services sector data due later in the day. Spot gold was up 0.1 per cent at $1,777.30 per ounce by 0949 GMT. US gold futures fell 0.3 per cent to $1,784.30 per ounce.

In the first four days of July, 15 US states have reported record increases in new cases of COVID-19, causing some to halt plans to ease lockdowns. Cases continued to soar in countries including India, Australia and Mexico. “Some (riskier) asset classes are showing optimism over the revival of the U.S economy, but with US-China relations and the shape of the recovery, sentiment for gold will be positive,” said Jigar Trivedi, commodities analyst at Mumbai broker Anand Rathi Shares…

View entirety: Economic Times