This is against the backdrop of rising cases of the coronavirus disease.
Gold was up in Asia on Tuesday morning, as investors increasingly turned to the safe-haven asset given the continuous increase of the number of COVID-19 cases globally without signs of abating soon. As of July 7,...
Gold futures were slightly down 0.02% to trade at $1,779 at 9:03 am Nigerian time.
This was the highest reached by a benchmark Comex contract for gold since September 2011.
The last time gold spot price hit $1,800 was in 2011.
The tendency to rush to gold is because it has become a safe haven given its relative stability.
Gold futures kept the momentum up as more investors turned to the safe-haven asset.
The dollar’s rise to a near two-week high in the previous session subdued gold’s advance.
The commodity typically gains when there are increased stimulus measures from major central banks
Gold futures have been down lately, as global investors lose interest in various safe haven assets and instead, commence investments in riskier assets.