Gold up On Weaker Stocks as U.S. C19 virus Infections Surge COMMODITIES: Gold Rises On Weaker Stocks as U.S. Coronavirus Infections Surge
09:09 AM EDT, 07/10/2020 (MT Newswires) -- Gold traded higher early on Friday as the U.S. dollar was mostly steady and futures point to a lower open on U.S. stock exchanges as the country reports another record surge in Covid-19 infections. .
Gold for August delivery was last seen up US$11.60 to US$1,815.40 per ounce in Comex electronic trade.
The rise comes as futures call for a weaker open on U.S. stock exchanges, boosting gold's appeal as a safe haven as the country reported closed to 60,000 new Covid-19 infections, with new cases on the rise in most states and experts calling for new lockdown measures to check the wildfire spread of the disease.
The U.S. dollar edged higher, making gold more expensive for international buyers. The ICE dollar index was last seen up 0.01 to 96,71 points.
Cheers to the patient investors