Gold rises for seventh straight session to record high, dollar tumbles

Gold futures rose in Asian trade to fresh record highs as the dollar index plumbed September 2018 lows, ahead of US data today. 

As of 03:56 GMT, gold futures due in December rose 1.35% to $1,955 an ounce, while the dollar index tumbled 0.5% to 93.93. 

From the US, durable goods orders are expected up 7% in June, slowing down from 15.7%, as core orders are estimated up 3.5%. 

US Treasury Secretary Steven Mnuchin said the Republican Party is putting the final touches on a $1 trillion rescue bill for the economy. 

The World Health Organization reported nearly 15.8 million Covid 19 cases worldwide, with 642,000 dying so far. 

China asked the US to close the Chengdu consulate in retaliation of the shutdown of the China Houston consulate, with bilateral relations continuing to deteriorate between both sides. 

Recent data showed global gold funds reported an increase of 2.7% in cash flows, adding 104 metric tonnes of gold, or about $5.6 billion in June, with total increases in the first half of 2020 reaching $39.5 billion, a record high on haven demand.