Gold steady as second Covid-19 wave fears in Beijing weigh on risky assets

Spot gold was steady at $1,729.40 per ounce. US gold futures eased 0.1% to $1,734.90

Gold prices were little changed on Monday after posting their best week since early April as fears of a second wave of coronavirus infections in Beijing cut investors' appetite for riskier assets.

Spot gold was steady at $1,729.40 per ounce as of 0316 GMT. U.S. gold futures eased 0.1 per cent to $1,734.90.

The metal climbed 2.6 per cent last week, posting its biggest weekly gain since April 10.

"The economy is not doing well, we got Covid-19 again and a low interest rate environment, I think gold remains bid," said Stephen Innes, chief market strategist at financial services firm AxiCorp.

"But, we need