Gold rose on Wednesday, as uncertainty about the global economic recovery and the presidential elections in the United States encouraged investors to take advantage of the sharp decline in the precious metal in the previous session and buy it. Spot gold rose 0.3% to $ 1895.84 an ounce, after it fell 1.9% on Tuesday due to a jump in the dollar. US Gold Futures gained 0.3% to $ 1,899.70.
“When the price drops, there is a portion of strategic investors who believe that gold is still a very good hedge and with the absence of any indications of slowing down the Covid-19 pandemic and the uncertainty surrounding the fiscal stimulus in the United States,” said Harshall Barrott, senior research consultant for South Asia at Metal Fox. The broader range of $ 1,850 to $ 1,940 remains.
The risk appetite has been hit by news that major trials for a COVID-19 vaccine have been halted, along with stalemate in stimulus talks. As for the other precious metals, silver fell 0.1% to $ 24.14, while platinum rose 1.1% to $ 874.06 and palladium profit 1.6% to $ 2,351.95. (Reuters)
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