Picture used for illustration. File
Gold held steady on Monday as lingering fears over a surge in coronavirus cases countered pressure from stronger equities, with focus turning to U.S. services sector data due later in the day.
Spot gold was up 0.1% at $1,777.30 per ounce by 0949 GMT. U.S. gold futures fell 0.3% to $1,784.30 per ounce.
In the first four days of July, 15 U.S. states have reported record increases in new cases of COVID-19, causing some to halt plans to ease lockdowns. Cases continued to soar in countries including India, Australia and Mexico.
"Some (riskier) asset classes are showing optimism over the revival of the U.S economy, but with U.S.-China relations and the shape of the recovery, sentiment for gold will be positive," said Jigar Trivedi, commodities analyst at Mumbai broker Anand Rathi Shares.
Most bullish factors for gold have already been discounted but a worsening of U.S.-China trade relations may provide some buying momentum, he added.
Global shares hit a four-week high as Chinese activity rebounded, while investors eyed U.S. services sector activity data for June due later.
Economists polled by Reuters expect the Institute for Supply Management's (ISM) non-manufacturing data to rise to 50 in June from 45.4, signalling a revival in economic activity.
But increased stimulus measures globally to cushion economies from the fallout of coronavirus-induced lockdowns and lower real yields have lifted non-interest bearing gold 17% so far this year.
"With an increasing number of U.S. states imposing lockdowns again, it should result in the Federal Reserve's balance sheet continuing to grow and interest rates kept low," Phillip Futures said in a note.
That in turn would provide underlying support for gold markets, it said.
On the technical front, spot gold is biased to break resistance at $1,778 per ounce, said Reuters technical analyst Wang Tao.
Palladium fell 0.8% to $1,907.84 per ounce, while platinum rose 1% to $808.12 per ounce. Silver gained 0.5% to $18.13 per ounce.
Spot gold was up 0.2% at $1,773.41 per ounce by 0506 GMT. Prices were $5.65 shy of a near eight-year high of $1,779.06, hit last week. U.S. gold futures rose 0.5% to $1,788.40 per ounce.
Spot gold was steady at $1,772.14 per ounce by 0703 GMT, just $6.92 shy of a near eight-year high of $1,779.06 hit last week. U.S. gold futures rose 0.3% to $1,787.30. Bullion, with quarterly gains of more than 12%.
Spot gold hit its highest since early October 2012 at $1,788.96 in early trade, and by 0958 GMT was at $1,787.31 per ounce, up 0.4%. U.S. gold futures were up 0.3% at $1,805.10 per ounce.
The real estate and properties transactions valued at Dhs4.31 billion in total during the week.
The UAE has been ranked first in the Arab region and 17th worldwide, up from last year’s 18th ranking, in the Global Soft Power Index 2021.
Adnoc Logistics & Services (Adnoc L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (Adnoc), has announced the acquisition of six Very Large Crude Carriers (VLCCs).