Gold closes over 1% higher as dollar holds

Gold prices rose on Wednesday, as the US dollar held against most of its counterparts after the inauguration of US President Joe Biden.

Biden was inaugurated amid unprecedented security measures and stated that the American people must unite and overcome differences and divisions.

Biden intends to cancel some of his predecessor Trump's decisions including rejoining the climate change agreement and the World Health Organization, in addition to canceling the construction of the US-Mexico border wall.

The dollar index held against a basket of major currencies at 90.4 points as of 19:16 GMT, after hitting a high of 90.7 points and a low of 90.2 points.

Gold February futures rose 1.4% or $26.30, and closed at $1,866.5 an ounce, with today’s high at $1,870.4, and the low at $1,831.1.