Gold futures ended with just above the flat line on Monday after swinging between gains and losses, with traders looking for direction amid reports showing a surge in new coronavirus cases across the globe.
A somewhat steady dollar weighed on gold prices. The dollar index rose to 97.65 around mid afternoon, and was last seen at 97.56, up 0.13% from previous close.
Gold futures for August ended up $0.90 or less than 0.05% at $1,781.20 an ounce, after swinging between $1,776.50 and $1,790.40.
Silver futures for September shed $0.104 or about 0.6% at $18.064 an ounce, while Copper futures for September gained $0.135 or 0.5% to settle at $2.6925 per pound.
Many U.S. states are reportedly returning to previous restrictions following a surge in new coronavirus cases in the country last week. As many as 36 states have reported large number of new cases in the past week.
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 Korea has reported new cases today.
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.
According to a report from Johns Hopkins University, the number of coronavirus cases worldwide has surpassed 10 million, while the global death toll from the pandemic rose to more than 500,000.
Gold is also benefiting from the massive stimulus programs from central banks and the likelihood of negative real interest rates in the U.S.