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Gold Continues Gains After Trump

Gold continued to record gains, making its way to its best weekly performance in nearly a month, as investors run to safe haven after President Trump tested positive for the Corona virus.

Gold spot rose 0.5% to 1915.34 dollars an ounce, erasing losses it incurred in early trade in Asia. US gold futures rose 0.3% to $ 1922.20.

The yellow metal gained 2.9% since the start of the week, and is on track to achieve its largest percentage increase since the week ending August 7.

US stock futures fell 2% on Headlines Trump and his wife Melania had tested positive for COVID-19 and were quarantined weeks before the election.

On Thursday, the US House of Representatives approved a $ 2.2 trillion Democratic Party plan to provide more economic aid to mitigate the fallout from the coronavirus pandemic.

Gold tends to benefit from broad stimulus measures as it is seen as a hedge against inflation.

As for the rest of the precious metals, silver gained 0.7% to $ 24.07 an ounce and has risen more than 5% since the start of the week.

Platinum fell 0.2% to $ 894.82 and palladium fell 0.1% to $ 2,311.95.

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