Gold Reaches a Week High

Gold touched its highest level in a week on Monday, November 16, in light of the dollar’s decline, while the escalation of Coronavirus cases in the United States fueled concerns about the repercussions of the pandemic on the economic recovery, which supported hopes for more monetary stimulus.

The spot price of gold was up 0.2% to $ 1892.15 an ounce, after having peaked since Nov. 9 at $ 1898.81 earlier in the session. US gold futures rose 0.3% to $ 1892.20.

The dollar index reached its lowest level in a week, which reduces the cost of the metal to holders of other currencies.

Coronavirus cases exceeded the level of eleven million in the United States on Sunday, while senior advisers to President-elect Joe Biden called for urgent action to address the crisis.

Silver rose 1.1% to $ 24.91 an ounce. Platinum rose 1% to $ 897.52, while palladium advanced 1.1% to $ 2350.20 an ounce.