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Gold hovers near nine-year high as virus fears drive safe-haven demand

Spot gold was up 0.1% at $1,817.23 per ounce by 0300 GMT, after hitting its highest since September 2011 at $1,820.06 on Monday. U.S. gold futures were little changed at $1,817.80.

July 22, 2020 / 11:27 AM IST

Gold rose on Tuesday, hovering near a nine-year peak hit in the last session, as worries over a spike in COVID-19 cases and expectations for inflation from more economic stimulus measures boosted demand for the safe-haven metal.

Spot gold was up 0.1% at $1,817.23 per ounce by 0300 GMT, after hitting its highest since September 2011 at $1,820.06 on Monday. U.S. gold futures were little changed at $1,817.80.

"What's really driving gold market is stimulus and we are going to get more of it. Its the eye candy that's driving sentiment right now," said Stephen Innes, chief market strategist at financial services firm AxiCorp.