Gold Prices Firmed On Hopes Of U.S Stimulus And Weak Dollar

Gold Prices Firmed On Hopes Of U.S Stimulus And Weak Dollar

04 Dec 2020 11:01 AM
 

Gold prices strengthened and are on track for their first weekly gain in a month, as growing optimism over a U.S. fiscal stimulus deal pressured the dollar and boosted Gold appeal as an inflation hedge.

Spot gold was up 0.2 % to $1,843.99 per ounce by 08:40 IST while the U.S. gold futures were up 0.4% at $1,847.90.   

The U.S. dollar eased and was set for its worst week since early November, making gold cheaper for other currency holders.

Also supporting gold was news that drugmaker Pfizer shed its target for the rollout of its Coronavirus vaccine on supply disruptions.

Investors are awaiting U.S. non-farm payrolls data for further clues on the pace of the economic recovery.

Silver rose 0.1% to $24.09 per ounce. Platinum gained 1.3% to $1,043.19 and palladium was up 1.2% at $2,328.82.