Home / Market Update / Commodities / Gold Rising on Fears of Coronavirus And Hopes of US Stimulus

Gold Rising on Fears of Coronavirus And Hopes of US Stimulus

Gold prices rose on Monday, supported by concerns about the worsening Covid-19 pandemic, while the precious metal prices were also boosted by hopes for a new US stimulus package ahead of the presidential elections in November.

The spot price of gold was up 0.6% to $ 1909.90 an ounce, while US gold futures contracts rose 0.3% to $ 1912.40.

Gold is considered a hedge against inflation and currency depreciation, and it has risen about 25% this year as governments and central banks launched a wave of stimulus measures to curb the economic damage of the pandemic.

In other precious metals, silver rose 2.4% to $ 24.74 an ounce, after nearing a week’s high.

Platinum rose 1.2% to $ 870.69 an ounce, and palladium rose 0.9% to $ 2,351.94.

Check Also

Where US Economy Stands Prior To Election Results

As voters prepare to choose the next president, the U.S. economy is, by most measures, …