Gold Up as COVID-19 Cases Hit New Record High

Investing.com - Gold was up on Monday morning in Asia, staying above the $1,800 mark as the COVID-19 pandemic continues to worsen around the world.

Gold futures were down by 0.29% to $1,807.15 by 12:47 AM ET (5:47 AM GMT). Investors turned to the safe-haven asset as their confidence in the economic recovery decreased.

There was a record increase in global COVID-19 cases on July 12, with a total of 230,370 new cases in 24 hours according to the World Health Organization (WHO).

There are over 12.9 million cases globally as of July 13, according to Johns Hopkins University. Florida also set a single-day U.S. record, reporting over 15,000 new cases.

Political uncertainty in the form of simmering U.S-China tensions also decreased investors' risk appetite and created further traction for the yellow metal.

U.S. President Donald Trump announced on Friday that there will be no phase two trade deal with China in the near future. Investors will now be looking out for China’s reaction to Tump’s statement.

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