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Comex Gold Steadies on Virus Fears, U.S. China Tensions

10 Aug 2020 8:16 am
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Mumbai (Commodities Control) – Gold prices steadied on Monday after a steep fall in the previous session, as concerns over a worsening COVID-19 pandemic and intensifying U.S.-China tensions underpinned the metal's safe-haven appeal.

Spot gold was steady at $2,033.40 per ounce by 0045 GMT

Gold fell more than 1.5% on Friday after hitting a record high of $2,072.50, as the U.S. dollar regained some ground. U.S. gold futures rose 0.7% to $2,042.90.

More than 19.73 million people have been reported infected by the novel coronavirus globally and 726,414​ have died.

U.S. President Donald Trump signed executive orders on Saturday partly restoring enhanced unemployment payments to the tens of millions of Americans who lost jobs in the pandemic, as the United States marked a grim milestone of 5 million cases.

Investors also kept a wary eye on China's trade relations with the U.S., after Trump signed two executive orders banning two popular Chinese apps.

Speculators reduced their bullish positions in COMEX gold and silver contracts in the week to Aug. 4, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.46% to 1,262.12 tonnes on Friday.

Physical gold remained out of favour in most Asian hubs last week as a worsening pandemic kept retail buyers away with global benchmark spot prices at historic highs.

(Commodities Control Bureau)

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