Gold Up Over Increasing COVID-19 Numbers and Hong Kong National Security Law Developments….LIVE NEWS UPDATE BY ROYAL TRADERS


Gold was up on Monday morning in Asia, hitting its highest point since May with a surging number of COVID-19 cases globally dampening hopes of a quick economic recovery.

The World Health Organization reported a record 183,020 cases on Sunday, with almost 9 million global cases as of June 22, according to Johns Hopkins University data.

Gold futures were up by 0.85% at $1,767.85 by 12:20 AM ET (5:20 AM GMT). Investors turned to the safe-haven yellow metal after a surge in the number of COVID-19 cases over the weekend.

“General risk aversion is helping the market, we are seeing pressure on growth exposed currencies and on share markets. Overall, there are concerns about increasing infection rates…the market is concerned about the outlook for growth and that of course is supportive for gold,” Michael McCarthy, chief strategist at CMC Markets, told CNBC.

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