Gold Rises as US Dollar Fell to Lowest Level in Two Years

Gold rose Monday, November 23, as the dollar’s weakness and its decline to its lowest level since 2018 and hopes for more monetary stimulus in the United States to alleviate the economy affected by the pandemic were dispelled optimism about the possibility of distributing a vaccine for Covid-19 next year.

Spot gold rose 0.2% to $ 1873.51 an ounce by 05:10 GMT, and there was little change in US gold futures at $ 1871.70.

US Treasury Secretary Stephen Mnuchin reassured markets on Friday that the Fed and Treasury had many tools left to support the economy after it decided to withdraw funds from a number of lending programs at the US Central Bank by the end of the year.

The yellow metal also received support from the dollar’s ​​decline, which reduces the cost of buying gold for holders of the rest of the currencies.

As for the other precious metals, silver rose 0.5% to $ 24.25 an ounce. Platinum rose 0.1% to 946.43 dollars per ounce, and palladium profit 0.6% to 2339.56 dollars.