Gold logs biggest daily gain since April

Gold prices surged on Monday, as the US dollar fell against its peers, but investors turned to the precious metal as a safe haven due to growing concerns over the coronavirus crisis.

Johns Hopkins University reported that the number of Covid-19 infections rose to 85 million cases globally, with a death toll of 1.85 million victims.

The dollar index fell against a basket of major currencies by less than 0.1% to 89.8 points as of 19:16 GMT, after hitting a high of 89.9 points and a low of 89.4 points.

Investors are focusing on governments' efforts in combating Covid-19, especially after a number of vaccination campaigns were launched.

Gold February futures rose 2.7% or $51.5, and closed at $1,946.6 an ounce, the largest daily gain since April 2020, with today’s high at $1,948.7, and the low at $1,906.1.