Gold rises above $ 1,800 due to growing virus fears

by **Ponee** Mon Jul 20, 2020 10:54 pm

07.20.2020

Gold prices stabilized on Monday to establish themselves above the $ 1,800 level an ounce psychologically important, as the attractiveness of the metal as a safe haven was reinforced by concerns about growing Corona virus infections worldwide, but the rise of the dollar curbed the gains.

By 0721 GMT, the spot price of gold was stable at $ 1808.92 an ounce. US gold futures settled at $ 1809.50, little changed.
“There are technical indications that the US dollar may appreciate, and perhaps that is why we see gold market dealers lifting the cap from the price today,” said Michael McCarthy, chief strategist at CMC Markets.

The dollar index rose 0.2 percent, which increases the cost of the metal to holders of other currencies.
Palladium fell 0.7 percent to $ 2008.01 an ounce, platinum fell 0.1 percent to $ 836.91, while silver settled unchanged at $ 19.32.

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