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Gold was down on Thursday morning in Asia but stayed above the $1,800 mark for a third consecutive day.
Gold Futures were down 0.04% at $1,819.95 by 10:22 PM ET (3:22 AM GMT), with gold steadying its gains from the previous four sessions. COVID-19‘s relentless march has seen several countries, including China and Australia, re-imposed lockdown measures to curb new outbreaks. The yellow metal reached levels not seen since 2011 as investors flocked to the safe-haven asset.
The number of global cases topped 12 million as of July 9, according to Johns Hopkins University data.
Despite the increasing number of cases, investors are cautiously looking to economic recovery with key earnings reports from companies such as Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) due in the U.S. the following week. Investors will also be watching the U.S. Federal Reserve’s next moves, with Congress’ $2 trillion stimulus program due to expire at the end of July. Fed Vice Chair Richard Clarida on Tuesday pledged more support from the U.S. central bank.