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Safe-Haven Continues to Strengthen on Monday's Asian trade

Safe-Haven Gold continues its ascension rally on Monday's Asian market trade, encouraged by worries of corona surging cases.

U.S. gold futures for August delivery rose $9.70 or 0.5%, to $1.780,30/ounce in Comex New York. Benchmark for gold futures contracts jumped to $1,796.10, the highest figures reached at Comex since November 2011.

Spot Gold, which tracks real-time trading in bullion, rose $4.32 or 0.2%, to $1,768. The bullion indicator reaches its intra-day highest at $1,779.45 in the previous session, the highest since October 2012.

Last week, gold prices at Comex rose 1.7% after rising 0.9% and 3.2% in the previous two weeks.

The United States reported more than 41,000 new Covid-19 cases last week. U.S. health officials says that the actual national case may be 10 times that the official amount. India, South Korea and New Zealand have reported an increasingly high Covid-19 cases in the last few weeks.


Dollar Traded Steady at Asian Market Opening on Monday

US dollar started on Monday's Asian market steadily, not changing much from last week's closing position.

The short-term position value of dollar rose to $16.83 billion in the week ended June 23, compared with a net decline of $15.69 billion the previous week.

US dollar index on morning trade dropped 0.07% to 97.09.

The EUR/USD currency pair dropped 0.1% to 1.1211. GBP/USD drops 0.1% to 1.2408. While the USD/JPY drops 0.1% in 107.13.

Economic data demonstrates the economic recovery in the US with a small decline from unemployment claims number and substantial gains in the durable goods orders.

Nevertheless, dollar increase is still shadowed by the news of increasing cases number of coronavirus across US. The state health departments reporting a total of more than 37,000 new cases during the past week.

The growing Covid-19 infection in the U.S. and other side of the world does not spark the investor's interest in greenback (U.S. dollars) as safe-haven.


Oil Prices Weakens on Monday, Amid Worries of Global Economy

Crude oil prices weakened on Monday's trade, amid new economic concerns following a hike in Covid cases from recent times.

Increase in US output from recent months continues to burden oil prices. This happens even though the demand for the remaining fuel is still improving.

While the latest data shows the number of US oil rigs hardly show any changes, Crude oil prices rose almost four times since April. It was boosted by a hike from increasing drilling rig.

West Texas Intermediate which traded in New York, the benchmark for U.S. crude oil futures, dropped 23 cents or 0.6%, to $38.49 per barrel. Brent is traded in London, the global benchmark for oil, dropped 12 cents or 0.3%, to $40.93.

The US Energy Information Administration (EIA) says that the crude oil production is estimated at 11 million barrels per day for the week ending June 19, compared to 10.5 million barrels per day in the previous week.

It was the first hike in U.S. production for 13 weeks. It occurs after 20% decrease in output, following the destruction of demand for fuel caused by pandemic, after the highest record of 13.1 million barrels per day which set in mid-March.

The increase in production reported by the EIA for the week ending June 19 coincided with the addition of 1.4 million barrels in crude oil stocks for this week, compared with the increase of 300,000 barrels that were anticipated by the previous market.

On the fuel demand side, AMDAL reported a decline of nearly 1.7 million barrels in gasoline stocks or about 400,000 more than expected. But to compensate, the supply of distill, led by diesel, climbed almost 250,000 barrels against the estimated decline of 620,000.