Gold Settled Amid Britain’s Approval of a Vaccine And Dollar’s Decline

Gold prices settled on Wednesday, December 30, as Britain approved an anti-Covid-19 vaccine, invented by the University of Oxford in cooperation with AstraZeneca, which boosted risk appetite, while the dollar’s decline limited precious metal losses during weak holiday transactions.

There was little change in spot gold trading, at $ 1878.52 an ounce. US gold futures prices settled at $ 1883 an ounce.

The dollar index hovered near its lowest level in more than two years, as dealers set aside the decision of Mitch McConnell, Republican majority leader in the Senate to postpone a vote to increase aid to mitigate the repercussions of Covid-19 to two thousand dollars.

Gold is seen as a hedge against inflation and a currency depreciating, likely caused by the massive stimulus measures being unveiled to curb the pandemic’s impact.

As for other precious metals, silver rose 0.3% to $ 26.26 an ounce, platinum’s profit rose 1% to $ 1060.04 and palladium rose 0.2% to $ 2332.04.