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Gold Rises on Dollar’s Decline And Hopes for a US Stimulus

Adel 1 October, 2020 1:05 pm Commodities, Market Update

Gold rose Thursday, October 1st after being boosted by the dollar’s decline and signs of progress in talks on new US stimulus measures.

Gold Spot gained 0.4% to $1892.23/ounce, to start the month on the upside, after posting the largest monthly decline since September 2016.

US gold futures rose 0.2% to $ 1899.80 an ounce.

The US dollar index, which measures the strength of the greenback against a basket of major currencies, fell 0.2% to remain near its lowest level in a week, reducing the cost of gold for holders of other currencies.

As for the other precious metals, silver increased 1.8% to $ 23.64 an ounce. Platinum scored its highest level in a week and reached $ 905.15 an ounce, and it rose in recent trading 1.6% to $ 902.40 an ounce.

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