Gold Rallies After Breaking Above $1700 Per Ounce

Published on Apr 01, 2021 11:41

Gold spiked above $1700 per ounce, bouncing from a three week low as continued worries over Covid-19 infections and signs of rising money supply boosted the metal. The number of global confirmed cases of COVID-19 rose for a fifth straight week through March 28, according to the World Health Organization, and the number of deaths rose for a second week. More than 3.8 million new cases were reported in the last week, according to the agency`s weekly epidemiological update, while the number of new deaths increased by 5% to more than 64,000. All regions reported an increase in the number of cases this week, with the largest increases in the Southeast Asia, Western Pacific, and African Regions, all of which have been on an upward trajectory in recent weeks, the WHO said in its update. COMEX Gold spiked 1.5% to edge up above 1710 per ounce in last session.