Gold prices rebounded from five-month lows on Tuesday as mounting worries over spiking Covid-19 cases offset investor optimism over progress in Covid-19 vaccine development.

Spot gold jumped 1.2 percent to $1,797.78 per ounce after sharp losses in the previous two sessions. U.S. gold futures were up 1.1 percent at $1,800.50.

Total Covid-19 confirmed cases worldwide stood at 6,32,36,891 with 14,67,988 deaths.

Newly reported Covid-19 cases in the U.S. began climbing back up after their usual dip at the beginning of the week, threatening to strain health-care facilities.

California is weighing fresh curbs such as stay-at-home orders amid surging Covid-19 cases.

In testimony released ahead of a Tuesday hearing before the Senate Banking Committee, Federal Reserve Chair Jerome Powell cautioned lawmakers that significant challenges and uncertainties remain until Covid-19 vaccines clear production and distribution hurdles.

Some Americans might receive coronavirus vaccinations before Christmas, but the nationwide rollout could be slowed by shortages of personal protective equipment and other factors, media reports suggest.

In prepared remarks, U.S. Treasury Secretary Steven Mnuchin blamed state and local lockdowns for impairing progress and causing “great harm” to American businesses and workers.

The material has been provided by InstaForex Company – www.instaforex.com

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