Gold Rises as US Dollar falls on Stimulus Hopes Following Biden’s Victory

Gold prices rose Monday, November 9, to their highest level in nearly two months, driven by the weakening of the dollar and hopes for more stimulus measures due to the Corona virus, under President-elect Joe Biden.

Spot gold increased 0.5% to $ 1960.99 an ounce by 05:18 GMT. Earlier in the session, the yellow metal reached $ 1,965.33, the highest level since September 16. In US futures trading, gold gained 0.6% to $ 1963.20.

The dollar index recorded its lowest level in ten weeks, which increases the temptation for gold to holders of other currencies.

And unprecedented stimulus measures and low-interest rates globally put gold on the path of recording its best year in a decade due to its attractiveness as a hedge against inflation and the devaluation of the currency.

As for other psychological metals, silver rose 0.9% to $ 25.81 an ounce, and platinum gained 1.4% to $ 901.42, while silver fell 0.7% to $ 2,474.34 an ounce.