Gold is at its highest level in two months


Gold prices rose today, Monday, 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.

Spot gold rose 0.5 percent to $ 1960.99 an ounce, by 05:18 GMT. And earlier in the session, the yellow metal recorded 1965.33 dollars an ounce, the highest level since September 16.

While gold rose in futures trading in the United States 0.6 percent to 1963.20 dollars an ounce.

“Expectations of more stimulus keep gold supported and push the dollar down … it could be the beginning of a long rally (for gold),” said Hui Li, economist at OCBC.

The dollar index recorded its lowest level in ten weeks, which increases the temptation for gold to holders of other currencies.

Source: “Reuters”