Gold Rising on stimulus, Amid a Spike in COVID-19 Cases

Gold rose on Tuesday (December 15th), as the increase in COVID-19 cases and restrictions imposed on investors’ appetite for usually riskier assets and boosted the bet on more stimulus ahead of the US Federal Reserve meeting.

Gold rose in the spot market 0.7% to $ 1839.20 an ounce by 07:05 GMT, while gold in futures trading in the United States gained 0.6% to $ 1843.80.

The pandemic continues to spread globally, prompting tighter restrictions in the Netherlands, Germany and London, while deaths in the United States have exceeded 300,000, prompting Asian stocks to drop to their lowest level in more than a week.

US lawmakers seem optimistic about a two-part financial stimulus package seeking to endorse it, which pushed the US dollar to fall near its lowest level in several years.

As for the other precious metals, silver rose 1.4% to $ 24.14 an ounce, platinum gained 0.2% to $ 1009.50, and palladium gained 0.4% to $ 2,302.47.