Spot gold was up 0.3% to $1,893.30 per ounce at 1024 GMT, having earlier hit its highest since Nov. 9 at $1,898.81.
U.S. gold futures have been up 0.3% at $1,891.70.
Other than a weaker greenback, gold is discovering help from “the continued rally in rising COVID-19 instances, particularly within the U.S., (which) raises prospects for added stimulus,” mentioned Saxo Financial institution analyst Ole Hansen.
Coronavirus instances crossed the 11-million mark in america on Sunday.
The greenback index touched a one-week trough, making gold cheaper for traders utilizing different currencies.
Gold’s good points additionally got here alongside a leap in European equities, which have been boosted by sturdy Chinese language manufacturing unit output knowledge and optimism surrounding a COVID-19 vaccine.
The China knowledge might translate into further gold bodily demand, however the affect of the information from Moderna could also be restricted, Saxo Financial institution’s Hansen mentioned. With little prospect of a return to normality till the second half of 2021, that “nonetheless leaves an enormous hole in a number of the economies globally that must be stuffed by governments and central banks,” he mentioned.
Gold, which advantages from stimulus measures because it’s thought of a hedge towards inflation and foreign money debasement, has gained over 24% this 12 months.
However renewed vaccine optimism, rising bond yields and a rebound in greenback might restrict gold’s “upside potential,” mentioned Lukman Otunuga, Senior Analysis Analyst at FXTM.
Buyers are additionally awaiting financial cues from speeches by U.S. Federal Reserve policymakers this week, starting with Vice Chair Richard Clarida at 1900 GMT.
Silver rose 1% to $24.87 per ounce. Platinum gained 1.6% to $903.15, whereas palladium was 0.6% increased at $2,336.72.
Disclaimer: This put up has been auto-published from an company feed with none modifications to the textual content and has not been reviewed by an editor