Gold hits one-week high as dollar eases, pandemic worsens

Gold hits one-week high as dollar eases, pandemic worsens

Gold prices touched a one-week high on Monday as the dollar retreated while mounting US coronavirus cases fuelled concerns over the pandemic’s impact on economic recovery, underpinning hopes of further monetary stimulus.

Spot gold rose 0.2 percent to $1,892.15 per ounce by 0540 GMT, after hitting its highest level since November 9 at $1,898.81 earlier in the session.

The US gold futures were up 0.3 percent at $1,892.20.

The dollar index hit a one-week trough, making bullion cheaper for holders of other currencies.Coronavirus cases crossed the 11-million mark in the United States on Sunday, while President-elect Joe Biden’s top advisers called for urgent action to address the crisis."There are still underlying problems in structural economies, with job creation being the biggest problem," said Stephen Innes, chief global market strategist at financial services firm Axi."Central banks are going to keep the markets flushed enough to bridge this gap between now and the vaccine."Germany’s […]

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