Commodities

Gold attempts recovery from 2-week low, shrugs off rising dollar

2020-10-26 13:19:02 GMT (Economies.com)

Gold prices rose on Monday, within recovery attempts from a 2-week low, to head for the first gain in 3 days, amid safe-haven demand, despite the US dollar's rise against its peers.

 

Gold rose 0.2% to $1,905.77, after opening at $1,905.77, and hit an intraday low and the lowest since October 15 at $1,891.37.

 

The yellow metal closed lower by 0.1% yesterday, posting its second daily loss due to improved risk appetite.

 

Gold prices gained around 0.25% during the past week, posting the third weekly gain in a month, based on a weaker dollar.

 

Gold prices are being lifted today by rising safe-haven demand, amid renewed concerns about the global economy after a record increase in Corona injuries in the United States and Europe, and fears before the US presidential elections.

 

The dollar index rose more than 0.3% today, to head for its second gain in 3 days, which weighs down on the prices of gold and other dollar-denominated metals.

 

The US dollar shined as the best alternative investment, due to doubts about the US passing the new Covid-19 aid package before the presidential election next week.

 

Gold stocks at the SPDR ETF fell 1.75 metric tonnes on Friday, in the fourth daily drop, to reach the lowest level since September 18 at 1,263.80 metric tonnes.

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