Gold rises to its highest level since September 16 – Economy – Arab and International


Gold prices rose today, to their highest level in nearly two months, driven by the weakening of the dollar and hopes for more stimulus measures due to the “Corona” virus, under US President-elect Joe Biden.

And gold increased in spot transactions 0.5% to 1960.99 dollars an ounce by 0518 GMT. Earlier in the session, the yellow metal hit $ 1965.33, the highest level since September 16th.

In futures trading in the US, gold gained 0.6% to $ 1963.20.

“Expectations of more stimulus keep gold supported and push the dollar to fall,” said Hui Li, economist at OCBC Bank.

The dollar index recorded its lowest level in 10 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% to $ 25.81 an ounce, and platinum gained 1.4% to $ 901.42, while silver fell 0.7% to $ 2,474.34 an ounce.

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