Gold rose on Monday as the relentless coronavirus spread globally with a record jump in COVID-19 infections in the United States.

Wall Street's major indexes dropped and benchmark 10-year yield slipped to its lowest since early June as the United States set a new record for a one-day increase in coronavirus cases. 

Gold gained 1.4% last week as more than 10 million people have been reported to be infected by the novel coronavirus globally. 

Easy monetary policies and a string of stimulus measures by major central banks to stem the virus impact have sparked concerns of inflation, driving bullion prices 16.5% higher this year.

Meanwhile hedge funds and money managers increased their bullish positions in COMEX gold and silver contracts in the latest week.

Where are prices heading next? Watch The Gold & Silver Club Commodity Report now with Phil Carr for the latest price forecasts and predictions:

 

 

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