A reversal of the US dollar across the board triggered a rally in XAU/USD. Gold jumped $20 from the low, hitting a fresh daily high at $1830.
Gold prices moved sideways edging slightly higher following the news over the long weekend that President Trump had signed the US government stimulus bill.
Gold is consolidating Friday’s bounce from the long-held support at $1850, buoyed by a broadly weaker US dollar, courtesy of the covid vaccines-led optimism.
It’s easy to forget now but there was a time early on in the pandemic when the price of gold was in freefall. It was a curious thing, what with the virus sparking a collapse in the global economy, and it would prove in time to be one of the great head-fakes in the recent history of financial markets.
Gold prices climbed to its highest level in nearly eight years on Wednesday, as demand for the safe-haven asset was boosted by worries over a surge in coronavirus infections.
Iran is expected to increase its annual gold production to 10 tons by March 2021.
Gold prices climbed more than two percent on Monday to their highest since February 2013, as spikes in coronavirus cases in several countries outside China deepened worries about a hit to the global economic growth.