NEW YORK: Gold on Monday edged toward a near 8-year high hit last week as a spike in coronavirus cases kept safety demand elevated, although robust equities and positive US services sector data limited the metal's advance.
Spot gold rose 0.5% to $1,783.75 by 1:41 p.m. EDT (1741 GMT). US gold futures settled up 0.2% at $1,793.50 per ounce. "Investors are doubtful that this recovery is going to remain as resilient because we're all expecting that snapback ... and we might have a longer recovery, and that should be supportive for gold prices," said Edward Moya, senior market analyst at broker OANDA. Palladium fell 0.1% to $1,921.69 an ounce, while platinum was up 2.3% at $818.28 per ounce. Silver gained 1.1%, at $18.24 per ounce.
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