Gold prices rise as dollar loses momentum

Gulf Today Report

Gold advanced on Thursday as dollar fell and investors hope for further US stimulus despite President Donald Trump’s threat.

Spot gold advanced 0.3% to $1,876.75 per ounce by 05:18 GMT, having risen as much as 1% in the previous session. US gold futures climbed 0.1% to $1,878.90.

According to Margaret Yang, a strategist at DailyFx, gold has recorded a near-term bull trend due to the weakness of the dollar and the effects of the new coronavirus strain on the pace of the global economic recovery. 

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Gold has benefited from the restrictions imposed in Britain and the closure of borders by more than 40 countries to it due to the spread of the new strain.

Jeffrey Halley, a senior market analyst at OANDA, said in a note, resolving of the US fiscal stimulus will determine the next move for gold.

According to a technical analyst, Wang Tao, the metal may test a resistance at $1,888 per ounce, a break above which could push it to $1,904.

Silver climbed 1.1% to $25.81 an ounce and platinum gained 0.5% to $1,019.69, while palladium was steady at $2,322.57.