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Gold Prices Hit Over One-week High

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Gold prices rose about 1 percent on Monday to hover near a one-week high as a calmer mood in equity markets pressured the dollar.

A persistent COVID-19 outbreak in Beijing and fears of slower economic growth also supported safe haven buying of the precious metal.

Spot gold rose about 1 percent to $1,864.21 per ounce, while U.S. gold futures were up 1.1 percent at $1,862.80.

Equity markets steadied and the dollar weakened after U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods.

“I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they’re under consideration,” Biden said.

On the COVID-19 front, Beijing extended work-from-home guidance for many of its 22 million residents after reporting 99 new infections for the previous day, the largest daily tally so far during a month-old outbreak.

Elsewhere, Shanghai deployed more testing and curbs to hold on to its hard-won ‘zero COVID’ status after two months of lockdown.

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