Gold Rises To Over One-week High On Sagging Dollar

04 Décembre, 2020, 10:20 | Auteur: Auguste Feret
  • Gold roller coaster

Getty Images U.S. gold futures were up 0.2% at $1,844.60.

Spot gold was up 0.1% at $1,841.90 per ounce by 049 GMT, holding near previous session's peak of $1843.80 - highest in more than a week.

Gold prices on Friday edged higher on cautious investor optimism over additional US stimulus, while news that drugmaker Pfizer slashed the target for the rollout of its COVID-19 vaccine also helped lift the allure of the safe-haven metal. Optimism grew over a stimulus deal, and vaccine progress favored the riskier assets and pushed the USA dollar to a near two-and-a-half-year low.

Stimulus talks, especially over a bipartisan agreement, will support gold in the short term as it would weaken the USA dollar, said Michael Langford, executive director at corporate advisory and consultancy firm AirGuide. Langford is the executive director of corporate advisory and consultancy company AirGuide.

Positivity over a COVID-19 vaccine could have limited impact on bullion going forward as much of that optimism is priced in by markets, he added.

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Health experts in the United States welcomed Britain's emergency approval of Pfizer's vaccine, in an indication that USA regulators may soon follow suit.

"The key drivers of gold, real interest rates, and the dollar, are expected to remain soft without concrete economic progress worldwide or an effective vaccine readily available to the masses."

Gold is considered a hedge against inflation likely to result from huge stimulus measures.

Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.1% to 1,189.82 tonnes on Thursday from 1,191.28 tonnes on Wednesday.

Silver was steady at $24.07 per ounce, while platinum rose 0.1% to $1,030.50 and palladium gained 0.5% to $2,313.00.

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