Picture used for illustrative purpose. File
Gold prices surged to an all-time high on Monday as fears about the economic fallout from rising COVID-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the US dollar.
Spot gold was steady at $1,974.29 per ounce by 0508 GMT, after hitting a record high of $1,984.66 in early Asian trade. US gold futures rose 0.3% to $1,992.20.
"The sentiment across markets is deteriorating. First of all, rising infection rates are a real concern for the globe and a real support for gold prices. Given that, it is also driving US dollar higher," said Michael McCarthy, chief strategist at CMC Markets.
Coronavirus cases continued to surge in the United States and stood at over 17.96 million globally.
Rising COVID-19 cases and simmering US-China tensions have dented hopes for a swift economic recovery, driving inflows into safe-haven assets such as gold, which climbed 30% so far this year.
"Gold also saw safe-haven demand as the federal unemployment bonus expired on Friday, which would affect US consumer income and spending and the US Central Bank would thus remain dovish," Phillip Futures analysts said in a note.
US lawmakers struggled to hammer out a new stimulus plan. White House Chief of Staff Mark Meadows said on Sunday he was not optimistic on near-term deal for coronavirus relief bill.
Limiting gold's advance, the dollar index rose 0.3%, having touched its lowest level since May 2018 last week. A weaker dollar, also considered a rival safe haven, makes gold cheaper for holders of others currencies.
China's factory activity expanded at the fastest pace in nearly a decade in July, a survey showed.
Spot gold may retreat into a range of $1,943-$1,954 per ounce, said Reuters technical analyst Wang Tao.
Elsewhere, silver eased 0.1% to $24.36 per ounce, platinum fell 0.8% to $899.79 and palladium dropped 0.8% to $2,075.02.
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.
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%.
The UAE non-oil trade volume could grow by up to 12.9% year-over-year in 2021, supported by an expected uptick in maritime transport activity and other positive global economic trends,
Dubai Electricity and Water Authority (Dewa) has completed 87.73 per cent of its project to extend its water transmission network by 36 kilometres across Dubai, at a total cost of about Dhs256 million.
The State Bank of Pakistan (SBP) has announced its bi-monthly monetary policy on Friday and decided to maintain its policy rate at 7 per cent, according to a statement issued by the bank.