Gold climbs as coronavirus cases surge

Gulf Today Report

Gold advanced on Monday as dollar declines due to an increase in US coronavirus cases that might slow down the pace of economic recovery.

Spot gold rose 0.2% to $1,892.15 per ounce by 05:40 GMT, after hitting its highest level since Nov. 9 at $1,898.81 earlier in the session. US gold futures were up 0.3% at $1,892.20.

Gold is regarded as a shield against inflation and currency debasement, it benefits from stimulus measures and has surged by 25% this year. 

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Prices declined 3.3% after Pfizer announced its COVID-19 vaccine being 90% effective.

Howie Lee, an economist at OCBC Bank said gold “may face resistance around $1,900-$1,905.”

Silver rose 1.1% to $24.91 per ounce. Platinum rose 1% to $897.52, while palladium was 1.1% higher at $2,350.20.