Gold Hovers Near Eight-year High

Gold prices rose on Wednesday to hover near an eight-year high as the continued spread of Covid-19 pandemic posed growing risk to the world. Lingering tensions between Washington and Beijing also added to the metal's safe-haven appeal.

Spot gold rose 0.4 percent to $1,787.83 per ounce, while U.S. gold futures were up 0.2 percent at $1,804.90.

At least 10,511,379 people have been reported to be infected by the novel coronavirus globally and 510,742 have died, a Reuters tally shows.

The United States may soon record as many as 100,000 new cases of Covid-19 a day if the current trajectory of the outbreak is not changed, the government's top infectious disease expert Anthony Fauci warned as new U.S. Covid-19 cases rose by more than 47,000 on Tuesday.

He also said U.S. health officials are keeping an eye on a new strain of flu carried by pigs in China.

President Donald Trump has tweeted about the spread of the coronavirus and his anger towards China.

"As I watch the Pandemic spread its ugly face all across the world, including the tremendous damage it has done to the USA, I become more and more angry at China. People can see it, and I can feel it!"

Meanwhile, after Chinese President Xi Jinping signed a controversial security law that gave Beijing new powers over Hong Kong, U.S. Secretary of State Mike Pompeo said it's a "sad day" for the people of the territory and warned Beijing of new countermeasures.

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