Good like gold: a precious metal prepared for the best year in a decade | News on the coronavirus pandemic

Spot gold has risen more than 24% this year in its best performance since 2010.

Gold prices, although little changed on Thursday in the lite holiday trade, were on track for their best annual performance in 10 years.

Spot gold, up more than 24% this year in its best performance since 2010, was nearly flat at $ 1,893.10 an ounce at 12:40 GMT.

US gold futures rose 0.2% to $ 1,897.40.

“With reduced activity from market participants on the last day of the year, I expect gold to move in a narrow range. Modest support comes from a slightly weaker US dollar and slightly lower US real rates, ”said Giovanni Staunovo, analyst at UBS.

“We expect a move towards $ 1,950 in the first quarter of 2021, with expansionary monetary and fiscal policy pushing inflation expectations higher and US real rates falling further.

The dollar index fell to a low for more than two years, making gold cheaper for other currency holders.

European stocks fell as wider coronavirus lockdowns in Britain lowered expectations of a rapid economic recovery in 2021, despite campaigns to roll out vaccines.

Keeping the advance of gold under control was the refusal of the leader of the Republican majority of the United States in the Senate, Mitch McConnell, to vote quickly in the Senate on a bill to increase the American relief checks to 2000. $.

Unprecedented stimulus measures and low interest rates to shield economies from the impact of the pandemic this year have benefited gold as it is seen as a hedge against inflation.

Silver fell 0.6% to $ 26.45 an ounce, but is up more than 48% this year in its best performance since 2010.

Platinum rose 0.9% to $ 1,075.56 per ounce and more than 10% in 2020.

Palladium gained 1.1% to $ 2,389.15, on track for a fifth straight year of gains with a 22% increase.

Leave a Reply

Your email address will not be published. Required fields are marked *