Spot gold was up 0.2 percent at $1,769.76 per ounce as of 0234 GMT after touching $1,773, its highest level since October 2012 in early Asian trade, Reuters reported.

US gold futures rose 0.2 percent to $1,785.80.

“The fears of second wave coronavirus cases particularly in the US, and also in Latin America is driving concerns about sustained weakness in the economic recovery and that’s certainly supporting safe-haven assets like gold,” said ANZ analyst Daniel Hynes.

“Continued support that central banks are likely to provide to the market with bond purchasing programs and monetary easing will clearly keep the rates low for the foreseeable future.”

Central banks across the globe have taken aggressive stimulus measures and kept interest rates low helping gold prices surge more than 16 percent this year, as the precious metal is widely viewed as a hedge against inflation and currency debasement.

US Treasury Secretary Steven Mnuchin said the next stimulus bill will focus on getting people back to work quickly and that he would consider a further delay of the tax filing deadline.

Several US states reported record infections and the death toll in Latin America passed 100,000 on Tuesday, according to a Reuters tally.

The New York Times reported the European Union is prepared to bar US travelers because of the surge of cases in the country, putting it in the same category as Brazil and Russia.

Also helping gold’s appeal, the dollar index hovered near a more than one-week low.

Elsewhere, palladium edged up 0.1 percent to $1,926.06 per ounce, platinum dropped 0.4 percent to $825.59 and silver fell 0.4 percent to $17.89.

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This comes as annual inflation rates for urban and rural households in the month to January 20 were 38 percent and 42.2 percent, respectively, showing decreases of 1.3 percent and 1.6 percent compared to the figures for the preceding 30-day period, IRNA reported.

According to SCI, the point-to-point inflation rate during the month to January 20 reached 26.3 percent, meaning that Iranian families spent, on average, 26.3 percent more money on purchasing goods and services compared to the payments they made for buying the same items in this duration last year.

Point-to-point inflation during the 30-day time span to January 20 was 1.5 percentage point (PP) lower than that of the preceding month (which ended on December 21).

In the month to January 20, point-to-point inflation rate for the major group of foodstuffs, beverages and tobacco on one hand and non-edible items and services, on the other, witnessed decreases of 4 PP and 0.3 PP, respectively, compared to the rates for the previous month, to stand at 24 percent and 27.4 percent.

In addition, point-to-point inflation for urban and rural households in the month to January 20 amounted to 26.2 percent and 27 percent, respectively, down 1.4 PP and 1.9 PP compared to the figures for the month before.

Monthly inflation, however, reached 0.8 percent in the 30-day period to January 20, showing a decline of 2.4 PP compared to the rate for the preceding 30-day period.

In this period, monthly inflation rate for the group of foodstuffs, beverages, and tobacco decreased 0.3 percent, compared to that of the previous month. This comes as that of the group of non-edible items and services in the same month witnessed a 1.4 percent growth against the month before.

During December 22, 2019-January 20, 2020, monthly inflation for urban and rural families stood at 0.9 percent and 0.5 percent respectively, showing declines of 2.1 PP and 3.7 PP compared to the rates for the previous month.

In the month to January 20, the sharpest price rise in the group of foodstuffs, beverages, and tobacco, compared to the preceding 30-day period, pertained to the subgroup of fruits and dried fruits, such as pomegranates, bananas and watermelons.

In this duration, the highest price rise, month-on-month, in the group of non-edible items and services was related to the subgroups of transportation.

In the 30-day period ending on January 20, the prices of red and white meats, meat products and vegetables, such as tomatoes, witnessed month-on-month decreases.

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TEHRAN (Iran News) – Iran’s daily consumption of gasoline has dropped by almost a sixth more than a month after the government announced its controversial fuel price hikes.

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“Given negotiations (held between) lawmakers and the current situation of the country, the impeachment of oil minister in no longer on the agenda,” said Jalal Mirzaei, a member of the Iranian parliament’s energy committee, in an interview with  IRNA agency.

The lawmaker said Zanganeh had attended two rounds of inquiry in the energy committee to respond to questions of the lawmakers regarding the fuel price hike.

The government’s decision to abruptly increase the price of gasoline on November 15 caused an unprecedented wave of protests across Iran.

Some lawmakers in the parliament blamed the oil ministry for the crisis, saying authorities should have consulted the parliament before increasing the prices.

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On Monday, people poured into Tehran’s main streets in very large numbers to show their allegiance to the Islamic Republic system and deplore rioters who misused the peaceful protests against increase in gas price to commit acts of violence.

On November 15, the government increased gasoline price. However, the legitimate public protests against the price increase were directed at sowing chaos through targeted attacks on public and private properties, forcing law enforcement forces to step in to stop saboteurs.

The rioters used guns and knives to attack security forces. The IRGC Deputy Chief Ali Fadavi said on Sunday that rioters shot at people and security forces from a distance of one to one and a half meters. Fadavi said the riots were contained within 48 hours.

Early estimates of an intelligence body showed that a sum of nearly 87,000 protesters and rioters had taken part in protest rallies and gatherings since November 15, when increase in gas price went into effect.

A large number of protesters, who over 93% of them were men, had only been present in the gathering centers and avoided joining the rioters in sabotage attacks.

“The identical methods of the main core of violent rioters discloses that they are fully trained individuals who have been prepared and looking forward for the situation to riot, unlike most people who have been taken off guard by the sudden hike in gas price,” the intelligence report said.

It showed that gatherings had been comprised of 50 to 1,500 people in 100 places in the country out of a number of 1,080 major towns and cities. The report said violent raids and damage inflicted on properties are larger than what happened in the February 2018 unrests.

Most cases of damage to properties had happened in Khuzestan, Tehran, Fars and Kerman provinces.

The report said most casualties had resulted from armed attacks on gas stations and military centers, adding that a number of police and Basiji forces were martyred in these attacks.

Nearly 1,000 people were arrested across the country while over 100 banks and 57 big stores were set on fire or plundered in just one province, the intelligence report said.

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