A merchant displays a gold bar at his shop in Dubai Gold Souk in the Gulf emirate on July 29, 2020 (Photo by GIUSEPPE CACACE / AFP)
Gold prices rose, during trading today, Monday, as the increase in the number of cases of Covid-19 enhanced its attractiveness as a safe haven, as well as boosted the demand for the precious metal weakening the dollar.
And gold in the spot market rose 0.2 percent to 1,781.08 dollars an ounce, by 05:26 GMT. US gold futures rose 0.1 percent to $ 1780.30 an ounce.
"The situation of COVID-19 in India and Japan is getting worse," said Margaret Yang of the "DailyFX". Therefore, this strengthens the demand for safe havens, which leads to higher gold prices, ”adding that the decline in the dollar supports prices more.
Palladium rose 0.4 percent to $ 2865.99 an ounce, after rising to a record high of $ 2,925.14 an ounce last Friday.
Silver rose 0.1 percent to $ 26.02 an ounce, and platinum rose 0.1 percent to $ 1231.03 an ounce.
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