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Gold glitters once again amid renewed Covid-19 fears

Bloomberg1/5/2021 10:58 AM GMT+08  • 2 min read
Gold glitters once again amid renewed Covid-19 fears
Spot gold climbed as much as 0.1% to $1,945.67 an ounce, the highest since Nov. 9.
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Gold traded near an eight-week high as a surge in global coronavirus cases and curbs stoked demand for the haven, which has been supported by lower U.S. real yields, a weaker dollar, and slumping equities.

Bullion has made a strong start to the new year, with the variant strain of the coronavirus first identified in the U.K. now found in New York State. U.K. Prime Minister Boris Johnson ordered a national lockdown in England starting from Monday night until mid-February. Global coronavirus infections climbed above 85 million, after daily cases in the U.S. soared to a record of nearly 300,000.

Gold’s climb builds on the precious metal’s biggest annual gain in a decade, as virus angst clouds the outlook for the recovery. The spread of Covid-19 throughout the festive period and tighter restrictions will have a significant toll on the economy, albeit one that’s consigned mostly to the first quarter thanks to vaccines, according to Craig Erlam, senior market analyst at Oanda Corp.

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