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Gold Up on Back of Increasing COVID-19 Numbers

Published 06/24/2020, 12:02 AM
Updated 06/24/2020, 12:03 AM
© Reuters.
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By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia, with investor worries about rising numbers of COVID-19 cases globally and expectations of further stimulus measures giving the yellow metal a boost.

The number of cases topped 9.2 million as of June 24, according to Johns Hopkins University data.

Gold futures were up by 0.16% at $1,784.85 by 12 PM ET (5 AM GMT), its highest mark since October 2012.

Stocks, which usually move in the opposite direction to gold, were mostly up on Wednesday.

Gold got a further boost from U.S. Treasury Secretary Steven Mnuchin’s statement on Tuesday that the next U.S. stimulus bill would focus on getting people back to work quickly, with a further delay of the tax filing deadline also under consideration.

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