Gold prices fall as it holds ground for eight-year high

09.07.2020 - Evdokimov Roman
Gold prices fall as it holds ground for eight-year high

Gold traded lower earlier on Thursday in Asia but still remained above the $1,800 mark for three consecutive days.

Gold futures lost 0.04% to $1,819.95 per ounce at 10:22 PM ET (3:22 AM GMT), with the yellow metal holding on to gains from previous sessions. The safe-haven asset has managed to reach record levels since 2011 as investors flocked to gold amid the COVID-19 pandemic.

The number of global cases reached over 12 million as of July 9, according to data from Johns Hopkins University.

However, as the number of cases continues to grow, investors still remain optimistic for signals of an economic recovery with key earnings reports from companies such as Apple and Amazon, which is due in the following week. Investors will also be eyeing for the U.S. Federal Reserve’s next moves, with most of their attention on the Congress’ $2 trillion stimulus program, which will expire at the end of July.

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