Gold firms on softer dollar, concerns over rising virus cases

Gold firms on softer dollar, concerns over rising virus cases

An Argor-Heraeus SA stamp sits on a 250 gram gold bar in Budapest, Hungary, on March 10, 2016.

Akos Stiller | Bloomberg | Getty Images

Gold prices edged higher on Wednesday, supported by a softer dollar, while concerns about surging Covid-19 cases in the United States and logistical challenges over the mass roll-out of a potential vaccine further bolstered the metal’s appeal.

Spot gold rose 0.3% to $1,882.06 per ounce by 0320 GMT.U.S. gold futures were up 0.2% at $1,880.20.The dollar index was down 0.1% against a basket of currencies, making gold more attractive to other currency holders.“The initial vaccine being proposed isn’t realistic … COVID-19 is still a problem and ultimately there will be further forms of stimulus and this will be positive for gold and negative for the dollar,” said Michael Langford, executive director at corporate advisory and consultancy firm AirGuide. Federal Reserve policymakers said on Tuesday that surging […]

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