Gold falls despite recording 24% rise in 2020

Gulf Today Report

Gold declined on Thursday as investors’ remain hopeful for an economic recovery next year.

Spot gold fell 0.2% to $1,889.58 per ounce, it was up more than 24% for the year. US gold futures were little changed at $1,892.90. 

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Stephen Innes, chief global market strategist at Axi said: "the dollar is going to weaken quite precipitously until Q1, giving gold a clear runaway to do well right out of the gates next year."

Stimulus measures injected into the economy to aid people from the pandemic woes has been of great benefit to gold.

Silver fell 0.9% to $26.38 per ounce but was up more than 48% this year - its best performance since 2010.