Spot gold rose 0.1% to close at $ 1,951.35 an ounce. This increased this week’s gains to 3.9%, the biggest weekly gain for gold since late July.
“The outlook for gold is positive,” said Michael Hewson, head of market analysis at CMC Markets in the United Kingdom, citing hazy pressure on the dollar.
“It could get messy … It is likely that the US Federal Reserve will be more inclined to intervene as a result, because politicians are so preoccupied with the conflict, and the dollar will continue to decline.”
The dollar is near its lowest level in two months, which increases the attractiveness of gold to holders of other currencies.
Democratic candidate Joe Biden is close to victory, while President Donald Trump says the elections are “stolen” from him, even as votes are still being counted in important states.
Analysts believe that the prospects for an immediate stimulus package are dissipated by a divided Congress, leading expectations that the Federal Reserve may need to bridge the gap.
And interest rates near zero in light of massive stimulus measures driven by the global pandemic helped gold that does not generate a return, which is considered a hedge against inflation, to rise by more than 28%, since the beginning of this year.
As for the other precious metals, silver gained 1.5%, to $ 25.71 an ounce. Platinum rose 1.1%, to $ 902.43, while palladium gained 0.6%, to $ 2,390.18.
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