Gold and Silver Updates


* Silver scales over 10-month peak

* Specs increase gold bullish positions in week ended July 7 -CFTC

* Interactive graphic monitoring world unfold of coronavirus: open in an exterior browser (Provides chart, updates costs)

July 13 (Reuters) – Gold costs firmed above the important thing $1,800 an oz. stage on Monday, supported by uncertainty over the influence of surging coronavirus circumstances and a subdued greenback.

Spot gold rose 0.5% to $1,808.01 per ounce by 1128 GMT. U.S. gold futures had been up 0.7% at $1,814.70.

“The uncertainty associated to the continued improve within the virus rely is including some underlying assist to the market … There’s completely no purpose to not maintain on to lengthy positions for at the least so long as we keep above the $1,765 space,” stated Saxo Financial institution analyst Ole Hansen.

The World Well being Group reported a document improve in world coronavirus circumstances on Sunday, with the full rising by 230,370 in 24 hours. The largest will increase had been from the US, Brazil, India and South Africa.

Nevertheless, the emergence of a viable vaccine to deal with the virus might immediate profit-taking in gold, Hansen added.

The greenback index eased 0.2%, after a 3rd consecutive weekly decline.

Secure-haven gold’s rise additionally got here regardless of positive aspects in European shares.

“Gold worth is consolidating above $1,800 with bullion holding onto this important threshold regardless of shares in inexperienced. This confirms traders’ enormous urge for food for the yellow metallic on this unsure section on markets,” ActivTrades chief analyst Carlo Alberto De Casa stated in a be aware.

Including to the worldwide uncertainties driving inflows into protected haven property, U.S. President Donald Trump stated on Friday he was not at the moment excited about negotiating a “Section 2” commerce take care of China.

Indicative of investor sentiment, speculators elevated their bullish positions in COMEX gold and silver contracts within the week to July 7, the U.S. Commodity Futures Buying and selling Fee stated on Friday.

Elsewhere, silver climbed 2.5% to $19.14 per ounce, having hit a excessive since Sept. 5 at $19.16.

Platinum was 3.5% increased at $842.68 per ounce; palladium gained 0.7% to $1,983.71.

Reporting by Eileen Soreng and Okay. Sathya Narayananin Bengaluru; Enhancing by Mark Potter and Steve Orlofsky


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