Gold climbs as concern over coronavirus cases increase
- 11 Nov 2020
Gulf Today Report
Gold advanced on Wednesday, worries about the jump in COVID-19 cases in the United States and logistical challenges due to the mass roll-out of a prospective vaccine boosted the metal.
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 low at 0.1% against some currencies, thereby, increasing the appeal of Gold to other currency holders.
READ MORE
Gold jumps by 1% as attention returns to loose monetary policy
Oil prices decline as Europe face fresh lockdowns
UK unemployment rate at its highest since 2016
Michael Langford, executive director at corporate advisory and consultancy firm AirGuide said, "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.”
Gold has climbed by 24% this year. The metal is a shield against inflation and currency debasement.
Silver climbed 0.8% to $24.40 per ounce. Platinum rose 0.6% to $888.66, while palladium was up 0.5% at $2,465.95.
