Gold was up on Monday morning in Asia as the U.S. dollar fell on global COVID-19 news. The coronavirus pandemic is strengthening, with European and U.S. case numbers of particular concern.
Gold futures rose 0.41% to $1,893.85 by 12:17 p.m. (ET). The dollar was down on Monday morning.
Gold prices are on the rise after last week’s retreat. The rapid build in COVID-19 cases, along with the corresponding fall in economic activity as countries and U.S. states impose stronger public health measures, has caused a return to the safe-haven asset.
Added to this is the outcome of the U.S. elections, with a strong anticipation of a large COVID-19 fiscal stimulus and relief package from the incoming Biden presidential administration adding to the interest in gold. The dollar is expected to weaken further once the measures are in place.
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