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Gulf Today Report

Gold prices advanced on Wednesday as dollar weakens overshadowing concerns surrounding US stimulus deal following President Donald Trump threatening to not sign it.

Spot gold rose 0.3% to $1,865.01 per ounce by 03:33 GMT while US gold futures were steady at $1,869.80.

The dollar declined by 0.1% against other currencies giving way for an increase in gold appeal.

Gold is likely to remain the same in the coming week as the market suffers a lot of pandemic uncertainties, said Michael Langford, director at corporate advisory AirGuide. 

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"The next move for fund managers is probably to de-risk ... I think we'll see greater flows towards gold exchange-traded funds as they take some risk off the table," Langford added.

Gold has gained by 22.9% this year gaining from the large stimulus injected into economies.

If the current trend is upheld, gold is likely able to push for $2,000 in 2021 said IG Market analyst Kyle Rodda.

Silver rose 0.8% to $25.31 an ounce. Platinum rose 0.1% to $1,002.86 and palladium gained 0.2% to $2,318.23.