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Gold prices hit 10-week highs on Monday, closing in on the $1,800-per ounce level targeted by market bulls, as fears about a second wave of Covid-19 in the United States and many other countries drove investors toward the safe haven.
At least 22 of the 50 US states have reported a rise in COVID-19 cases after reopening their economies over the past two months. In Arizona, a particular hotspot, infections shot up 54% in a week. These come as more than 2.4 million Americans have already been infected by the coronavirus, with a death toll breaching 122,000. A new model by the University of Washington predicts 200,000 COVID-19 deaths in the United States by Oct. 1.