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Felicia Tan
in
Forex
June 24 22:41

Gold prices at the eight-year high on the rise of new coronavirus cases

Gold prices jumped to a peak in nearly eight years on Wednesday as rising incidence of coronavirus worldwide weakened hopes for a rapid economic recovery and spurred demand for safe assets.
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The gold spot price rose by 0.56% to $1,776.21 per troy ounce, previously reaching its highest level since October 2012 at US$1,779.06.
Palladium rose 0.47% to US$1,932.55 per ounce, while silver dropped 0.08% to US$17.94 per ounce. Platinum fell by 0.27% to US$827.06.
In the U.S., the number of new COVID-19 infections increased by 25% in the week ending June 21 compared to the previous week, while the number of victims in Latin America exceeded 100,000, Reuters analysis showed.
The European Union, which hopes to open borders on July 1, has developed criteria for assessing the situation with the coronavirus in each individual country, which may close the way to the block for travelers from the U.S. and Russia.