New daily record highs in U.S. coronavirus cases have brought back to gold a familiar theme that’s pushing the yellow metal higher — safety bids.
Void of other market drivers or dizzying spikes in the dollar, the safe haven crowd latched on to record infection and hospitalization rates across the United States to boost gold prices by just over half a percent on the day. The thematic play was reinforced by the risk-off mood on Wall Street, where the Dow was down some 400 points, or 1.4%.
New York-trade gold for December delivery settled up $11.70, or 0.6%, at $1,873.30 an ounce. It has been a rough week for the benchmark gold futures contract, which shed 0.8% in the previous session and rose 1.2% on Tuesday after an epic 4.5% plunge on Monday.
Spot gold, which reflects real-time trades in bullion, was down $12.53, or 0.7%, to $1,864.89 by 1:55 p.m. (ET).
Thursday’s rebound in gold was also aided by expectations that the Federal Reserve will inject fresh funds into the markets to ensure they don’t freeze up again like they did March, TD Securities said.
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