Gold prices hit a new record high on Monday, as fresh fears over the course of the coronavirus and global economic recovery boosted demand for the precious metal.
European markets were mixed as markets opened on Monday, but investors awaited new factory data for signs of the strength of recovery.
Spot gold briefly hit a record high of $1,984.66 (£1,519.65) in trading overnight in Asia as investors’ jitters boosted the safe-haven asset, before sliding back to around $1,973.75.
US gold futures (GC=F) were up 0.2% to $1,989.50 at around 3.30am eastern time in the US (8.30am in London).
It came after alarm over bleak economic data and rising COVID-19 cases in some countries knocked European stocks hard on Thursday and Friday. The gloomy data saw the pan-European Stoxx 600 (^STOXX) ending July 1.1% lower, marking its first monthly decline since markets plummeted in March.
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Investors awaited a flurry of new purchasing managers’ index (PMI) data for various countries’ manufacturing sectors on Monday morning in Europe.
The Stoxx 600 was down 0.2% in early trading, and in Britain the FTSE 100 (^FTSE) was down 0.6%. The CAC 40 (^FCHI) in France slid 0.4%.
But Germany’s DAX (^GDAXI) rose 0.5%, and the Stoxx 50 (^STOXX50E) was flat.
Asian stocks had been mixed overnight. Stocks in Shanghai (000001.SS rose 1.8% as a private-sector survey showed Chinese factory activity grew at the fastest pace in almost a decade in July.
Japan’s Nikkei (^N225) gained 2.2%, but the Hang Seng (^HSI) index in Hong Kong shed 0.7%.
US stocks looked set for a mixed open. S&P 500 futures (ES=F) were trading flat, Dow Jones futures (YM=F) were down 0.2%, and Nasdaq futures (NQ=F) were up 0.4% at around 4am eastern time after strong earnings from US tech giants last week.
