Gold rises as stimulus hopes rise

Gold prices rose today, supported by the weaker dollar, as investors bet US employment data and an increase in Corona infections will prompt authorities to announce more measures stimulus.

Spot gold rose 0.2% to $ 1,809.61 an ounce at 5:31 GMT, and US gold futures rose 0.1% to $ 1,807.80 an ounce .

“We noticed an improvement in risk appetite due to optimism about the vaccine, and it was headwind for gold. But as the dollar continues to decline, gold prices find some kind of support, ”said Harshal Barrott, Southeast Asia research consultant at Metal Fox.

The dollar index fell 0.1% today, making gold more attractive to holders of other currencies. Gold is seen as a hedge against inflation, which is likely to result from massive stimulus measures.

Among other precious metals, silver rose 0.3% to $ 23.38 an ounce. Platinum rose 0.4% to $ 967.15 an ounce and palladium gained 1.2% to $ 2,368.68 an ounce.

Source: Reuters

Follow RT on