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SINGAPORE: Gold prices surged to an all-time high on Monday as fears about the economic fallout from rising Covid-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the US dollar.

Spot gold was steady at $1,973.75 per ounce by 0635 GMT, after hitting a record high of $1,984.66 in early Asian trade.

US gold futures rose 0.3% to $1,992.10.

"The sentiment across markets is deteriorating. First of all, rising infection rates are a real concern for the globe and a real support for gold prices. Given that, it is also driving US dollar higher," said Michael McCarthy, chief strategist at CMC Markets.

Rising Covid-19 cases and simmering US-China tensions have dented hopes for a swift economic recovery, driving inflows into safe-haven assets such as gold, which climbed 30% so far this year.

"Gold also saw safe-haven demand as the federal unemployment bonus expired on Friday, which would affect US consumer income and spending and the US Central Bank would thus remain dovish," Phillip Futures analysts said in a note.

Spot gold may retreat into a range of $1,943-$1,954 per ounce as it failed again to break a resistance at $1,982, said Reuters technical analyst Wang Tao.