Gold ticks higher on surging coronavirus cases

Gold ticks higher on surging coronavirus cases

A gold bar is wrapped in a financial newspaper.

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Gold prices edged higher on Wednesday as investors weighed the economic impact from the resurgence of Covid-19 globally against optimism over a potential vaccine.

Spot gold rose 0.2% to $1,881.36 per ounce by 0055 GMT, while U.S. gold futures were down 0.3% at $1,878.90. U.S. Federal Reserve Chair Jerome Powell said on Tuesday it was not time to shut down emergency programs aimed at battling the economic fallout from the pandemic and the economy is left with “a long way to go” to recover.U.S. retail sales increased less than expected in October and could slow down further, restrained by surging Covid-19 infections and declining household income as millions of unemployed Americans lose government financial support.More than 55.3 million people have been reported to be infected by the coronavirus worldwide, according to a Reuters tally.Prime Minister Boris Johnson […]

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