Gold Up Over Rising COVID-19 Cases and U.S.-China Tensions
Gold was up on Friday morning in Asia, amid a rising number of COViD-19 cases in China and the U.S. as well as rising U.S.-China tensions.
Beijing reported 25 new COVID-19 cases on Thursday, with the number of cases linked to an outbreak in the Xinfadi market now standing at almost 200. Some U.S. states also reported a spike in cases.
Meanwhile, U.S. President Trump also warned on Thursday that cutting ties with China remained a possibility a day after Secretary of State Mike Pompeo met China’s top diplomat Yang Jiechi in Hawaii.
Gold futures were up by 0.25% at $1,735.35, with investors turning to the yellow metal as a safe store of value in politically and financially uncertain times.
But the dollar’s rise to a near two-week in the previous session muted gold’s advance.