Gold gains above $1,800 per ounce as infection cases mount

Gold last traded at $1,813 an ounce. Silver at $19.55 an ounce.

NEWS SUMMARY: Precious metal prices extended gains Tuesday on safe-haven buying and dollar weakness. U.S. stocks traded mixed as bank earnings rose but tech stocks stumbled amid speculation of overvaluation.

CNBC---Gold prices rose above the key $1,800 level on Monday, underpinned by surging coronavirus cases globally and concerns that they may slow down recovering economies. U.S.-China trade tensions and the record number of COVID-19 cases being reported on a daily basis are the underlying themes supporting the gold market, Kitco Metals senior analyst Jim Wyckoff said. 'Of course, there's going to be normal downside corrections, but the trend remains up.' Global coronavirus infections passed 13 million on Monday, according to a Reuters tally, marking another milestone in the spread of the disease which has killed more than half a million people in seven months. Driving inflows into the safe-haven asset further, China announced 'corresponding sanctions' against the United States on Monday after Washington penalized senior Chinese officials over the treatment of minority Uighur Muslims in Xinjiang....The yellow metal has risen over 19% so far this year due to massive stimulus from governments and central banks across the globe to revive coronavirus-hit economies...Silver climbed 3.1% to $19.25 per ounce after hitting $19.31, the highest since Sept. 5."