Gold prices surge as coronavirus cases rise, dollar declines
- 26 Apr 2021
Gulf Today Report
Gold rose on Monday as soaring COVID-19 cases uplifted and weak dollar uplifted the metal’s appeal.
Spot gold was up 0.2% at $1,781.08 per ounce by 05:26 GMT while US gold futures rose 0.1% to $1,780.30 per ounce.
Margaret Yang, a strategist at DailyFx said,"the COVID-19 situation in India and Japan is deteriorating. So that is boiling demand for safety, resulting in higher gold prices."
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As investors keep an eye on strong US economic data, higher yields are capping gold’s gains.
Market participants now await Fed's two-day policy meeting starting on Tuesday.