Coronavirus Concerns Increased the Gold Prices

Coronavirus Concerns Increased the Gold Prices The coronavirus concerns has increased the gold prices. Gold prices fell sharply on Monday, with positive news about the coronavirus vaccine. However, it started to rise again with the increase in the number of cases and the concerns about the increasing effect of the epidemic. Gold prices continued to rise on the second day, as investors concerns about the increase of coronavirus cases in some countries prevented vaccination news. The USA broke a new record with the daily number of 142 thousand 907 cases announced on Monday. However, this week is expected to see a peak in the number of hospitalized patients. Minister of Health and Human Services Alex Azar stated that the vaccination campaign could start in the spring. Gold prices, which fell sharply after the positive vaccine news on Monday, soared as concerns about the course of the coronavirus epidemic rose again. Investors are also closely watching how elected President Joe Biden's transition will be and how it will affect the financial support package and the US dollar. “Increasing coronavirus cases in Europe and the US raise concerns about health and economic recovery” said Philip Futures Senior Commodity Manager Avtar Sandu. Spot gold was up 0.3 percent at 11:35 am Singapore time and is trading 0.1 percent up, at $ 1,879.97 per ounce. Gold prices rose 0.8 percent on Tuesday, after losing 5.2 percent on Monday. Silver gained 0.5 percent, while platinum rose 0.2 percent. The Bloomberg Dollar Spot Index fell 0.2 percent.