2020.07.1311:08:00UTC+00Gold Prices Edge Higher On Virus Worries

Gold prices firmed above the key $1,800 an ounce level on Monday as rising U.S.-China tensions and economic uncertainty over the impact of surging coronavirus cases helped spur safe-haven demand for the precious metal.

Spot gold rose 0.6 percent to $1,809.40 per ounce, while U.S. gold futures were up 0.7 percent at $1,813.55.

The World Health Organization has reported another record increase in global coronavirus cases over a 24-hour period, at over 230,000.

According to the UN health agency, the United States topped the list, with more than 66,000 cases recorded, with Florida surpassing the 15,000 mark of new cases on Sunday.

The dollar's slide continued despite a strong rebound in U.S. Treasury yields and amid growing tensions between Washington and Beijing.

"The relationship with China has been severely damaged. I don't think about it now," U.S. President Donald Trump told reporters on Friday from Air Force One when asked about the second phase trade deal.

The relationship between the two countries has been severely damaged with Beijing's handling of the coronavirus outbreak.

The Chinese government today announced sanctions against U.S. officials, including the Republican senators Marco Rubio and Ted Cruz, in response to Washington's sanctions against senior Chinese officials.