Gold prices rose today, Monday, to their highest level in nearly two months, driven by the weakness of the dollar and hopes for more stimulus measures due to the Corona virus, under President-elect Joe Biden.
And gold increased in spot transactions 0.5 percent to 1960.99 dollars an ounce.
Earlier in the session, the yellow metal hit $ 1965.33, the highest level since September 16th.
In futures trading in the United States, gold won 0.6 percent to $ 1963.20.
“Expectations of further stimulus keep gold supported and push the dollar down … it could be the beginning of a long rally (for gold),” said Hui Lee, economist at OCBC.
The dollar index recorded its lowest level in ten weeks, which increases the temptation for gold to holders of other currencies.
And unprecedented stimulus measures and low interest rates globally put gold on the path of recording its best year in a decade due to its attractiveness as a hedge against inflation and the devaluation of the currency.
As for the other psychological metals, silver rose 0.9 percent to $ 25.81 an ounce, and platinum gained 1.4 percent to $ 901.42, while silver fell 0.7 percent to $ 2,474.34 an ounce.
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