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Gold buoyed as rising coronavirus cases boost expectations for additional stimulus

July 20, 2020

Gold edged higher Monday as the number of COVID-19 cases around the world and the U.S. continued to rise and as governments prepared additional fiscal stimulus measures.

Gold for August delivery GC00, 0.45% on Comex rose $8.90, or 0.5%, to $1,818.90 an ounce, while September silver SIU20, 1.90% was up 31 cents, or 1.6%, to $20.075 an ounce.

A hard-fought summit meeting of European Union leaders in Brussels was reportedly near agreement on a huge spending program, including a €750 billion rescue fund after a disagreement over the breakdown between grants and loans to debt-strapped governments. Meanwhile, U.S. lawmakers were set to begin talks over an additional coronavirus aid bill.

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