Gold price is rising today as hopes for stimulus rise

Gold prices rose today, supported by the decline of the dollar, as investors are betting that the US jobs data and the increase in Corona infections will push the authorities to announce more stimulus measures.

Spot gold rose 0.2 percent to $ 1809.61 an ounce, by 05:31 GMT, and US gold futures rose 0.1 percent to $ 1807.80 an ounce.

“We noticed an improvement in risk appetite due to optimism about the vaccine, and this was headwind for gold,” said Harshall Barrott, South Asia research consultant at Metal Fox.

The dollar index fell 0.1 percent today, which enhances gold’s appeal to holders of other currencies. Gold is seen as a hedge against inflation, which is likely to result from massive stimulus measures.

Among the other precious metals, silver rose 0.3 percent to $ 23.38 an ounce. Platinum rose 0.4 percent to $ 967.15 an ounce, and palladium gained 1.2 percent to $ 2,368.68 an ounce.