Gold continues to rise amid stimulus bets

Economies.com
2020-12-02 11:37AM UTC

Gold prices rose on Wednesday, for the second day in a row and hit a 1-week high on strong safe-haven demand amid growing bets for further stimulus measures in Europe and the US.

 

Gold prices more than 0.9% to the highest since November 24 at $1,832.57 an ounce, after opening at $1,815.31, and hit an intraday low of $1,807.48.

 

The yellow metal gained 2.1% yesterday, and posted the largest daily gain since last November 5, within recovery attempts from a 4-month low at $1,764.45.

 

Alongside these recovery attempts gold also was lifted by strong safe haven demand and a broad drop in the US dollar against its peers.

 

Inflation in the euro area during November remained in the negative territory for the fourth straight month, which raised market's expectations that the European Central Bank would consider implementing more monetary stimulus in its next meeting scheduled for December.

 

The US Federal Reserve is also widely expected to take extra monetary stimulus measures to support the economy amid its worst economic crisis since the 1930s Great Depression.

 

Gold stocks at the SPDR ETF fell 3.5 metric tonnes yesterday, with the total at the lowest level since July 1st at 1,191.28 MT.

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