Gold Holds Steady As Virus Cases Surge

(RTTNews) - Gold prices held steady on Monday and the dollar gained ground as a stalemate in the negotiations over the new U.S. coronavirus aid package coupled with a record rise in coronavirus cases in the United States and parts of Europe made investors jittery.

Spot gold edged up 0.1 percent to 1,903.10 per ounce, while U.S. gold futures were marginally lower at $1,904.40.

Investors dumped risk assets amid concerns over whether U.S. lawmakers can reach an agreement on the next federal coronavirus aid before Election Day.

On the Covid-19 front, several countries in Europe are imposing new restrictive measures to contain a second wave of coronavirus.

The number of confirmed coronavirus cases in Germany increased by 8,685 to 437,866,while the death toll rose by 24 to 10,056, according to the Robert Koch Institute (RKI) for infectious diseases.

Berlin police on Sunday broke up a protest against coronavirus curbs and opened an arson investigation after an attack on a building housing the country's public health agency.

France may be experiencing 100,000 new Covid-19 cases per day - twice the latest official figure - Professor JeanFrançois Delfraissy, who heads the scientific council that advises the government on the pandemic, told RTL radio today.

After setting a new daily record for coronavirus infections with 52,010 recorded over the past 24 hours, France is considering whether or not to tighten lockdown measures further.

Spain last week became the first European country to surpass 1 million officially recorded Covid-19 cases. Italy has introduced a raft of measures after a surge in cases.

The daily tally of coronavirus cases in the United States has topped 80,000 for the second straight day, dashing hopes for a quick economic recovery from the pandemic.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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