Gold was adding to last week's losses on Monday as news of China's worsening COVID-19 outbreaks supported the dollar
Gold was adding to last week’s losses on Monday as news of China’s worsening COVID-19 situation supported the dollar while weighing broadly on commodity and equity prices.
Price action What happened China imposed strict new COVID-19 measures in Beijing after the country reported its first death in almost six months. This has weighed on equity markets along with gold and other commodities. The news has sent the price of the most-active gold contract back below $1,750 a share as the latest price runup has started to erode.
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China COVID cases steady as many Beijing businesses, schools shutNew coronavirus case numbers held steady in China near April peaks on Sunday as many shops and restaurants in Beijing's most populous district were shut and schools in the area said classes would go online for the coming week.
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Several Beijing districts shut schools as China COVID cases riseStudents in schools across several Beijing districts buckled down for online classes on Monday after officials called for residents in some of its hardest-hit areas to stay home, as COVID cases in China's capital and nationally ticked higher.
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Dollar rises as China COVID worries spur safe-haven buyingThe U.S. dollar was firmly higher against major currencies on Monday, as rising COVID-19 cases in China led to new restrictions there and weighed on global investor sentiment.
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China announces 1st COVID-19 death in almost 6 monthsChina has announced its first new death from COVID-19 in nearly half a year, that of an 87-year-old Beijing man, while imposing strict new measures.
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Indian shares decline on China COVID woes, hawkish FedIndia's shares fell on Monday, dragged down by information technology and energy companies, amid worsening COVID-19 infection numbers in China and likelihood of a tighter U.S. monetary policy.
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