2020.06.2910:52:00UTC+00Gold Holds Steady On Safe-haven Demand

Gold held steady on Monday after climbing to its highest level in nearly eight years last week on concerns over the second wave of coronavirus infections.

Spot gold edged down 0.1 percent to $1,770.43 per ounce, while U.S. gold futures were up 0.2 percent at $1,784.15 per ounce.

Virus worries persist, with some U.S. states returning to previous restrictions after a devastating week for the country.

A rise was reported in a staggering 36 states, including Florida, which some experts have cautioned could be the next epicenter for infections.

Infection rates remain on the rise in countries such as Brazil and India. Australia today reported 78 new coronavirus cases, the highest single-day rise since April.

South Korean authorities reported 47 new cases as they struggled to curb outbreaks that have spread from Seoul to other regions.

The resurgence of the coronavirus outbreak and concerns that the Covid-19 has been badly underestimated curbed optimism for a swift recovery of the global economy.

Gold is also benefiting from the trillions of dollars of stimulus that is being fed into the economy by central banks and the likelihood of negative real interest rates in the U.S.