Gold is rallying at the start of the week, as US-China tensions and coronavirus fears mount, but the US dollar is continuing to decline.

The precious metal hit a fresh record on Monday, as gold futures GC, climbed $39.60, or 2.1%, to $1,937.20 an ounce. Beijing retaliated on 24 July after the US ordered the closure of its consulate in Houston. China hit back by ordering the US to close its own consulate in Chengdu. The spat between the world’s two largest economies spooked investors, but those concerns were somewhat shrugged off early on 27 July ahead of a bumper week of earnings. US stock futures moved cautiously higher.