Gold steadies as dollar weakens

Gulf Today Report

Gold jumped on Tuesday as dollar declines, although markets remain optimistic for quick global economic revival as COVID-19 vaccination begins in the US and Canada.

Spot gold rose 0.2% to $1,831.64 per ounce by 0322 GMT, while US gold futures gained 0.3% to $1,836.50.

The United States began administering vaccine on Monday, it has limited the gains of bullion. 

READ MORE

Gold eases as COVID-19 vaccine rolls out

UAE developer offers 12-year visa, business license to investors

Sharjah keen to reinvigorate sales commercial activity in the emirate

Michael McCarthy, chief strategist at CMC Markets said: "We're at peak vaccine optimism at the moment ... so even without further developments, it's possible sentiment could pull back and that could be supportive of gold."

Investors are optimistic for a re-evaluation of policies by central banks and enaction of favourable stimulus programmes as COVID-19 vaccine is rolled out, said a senior commodities manager at Phillip Futures.

Among other precious metals, silver rose 0.7% to $23.99 an ounce, platinum added 0.1% to $1,008.76 and palladium gained 0.4% to $2,300.45.