Gold held steady on Wednesday and the dollar eased as investor enthusiasm over a coronavirus vaccine was dampened by rising Covid-19 cases in the United States and Europe.
Both spot gold and U.S. gold futures were little changed at $1,877.15 per ounce and $1,875.30, respectively.
New coronavirus cases raced across the U.S. and Europe, raising concerns that health systems will be overwhelmed with the advent of autumn and winter in the Northern Hemisphere.
The United States added 201,961 Covid-19 cases in the 24-hour period on Tuesday, far exceeding its previous daily record of new Covid-19 cases, according to the tally compiled by Johns Hopkins University.
A lot of U.S. states have put up tight restrictions to help contain the spread of the virus amid a surge in hospitalizations.
The number of confirmed coronavirus cases climbed by a record 3.6 million globally last week, the World Health Organization (WHO) has said.
Experts are cautioning that there are many supply chain hurdles with manufacturing, warehousing, distributing, and administering the Covid-19 vaccines.
U.S. Federal Reserve policymakers said on Tuesday that soaring coronavirus cases and the lack of fiscal support could hinder the nation’s economic recovery.
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