Gold closes lower as investors turn to stock markets

Gold prices fell on Thursday despite the dollar’s fall against most major currencies, as investors rushed to stock markets.

Data showed today that the initial unemployment claims in the US rose to 965,000 last week, worse than forecasts of 785,000.

US President-elect Joe Biden will reveal later today his plan to launch further Covid relief during the first year of his term, with some estimates putting it at $2 trillion. 

The dollar index fell against a basket of major currencies by 0.1% to 90.2 points as of 19:02 GMT, after hitting a high of 90.5 points and a low of 90.0.8 points.

Gold February futures fell 0.2% or $3.50, and closed at $1,851.4 an ounce, with today’s high at $1,857.6, and the low at $1,826.6.