The latest gold price movements in the world
According to Reuters, gold prices traded in a narrow band on Friday (December 4) and set up for the first week in 4 weeks as the dollar weakened due to expectations of US financial stimulus measures.
Closed trading session on December 4, spot gold remained unchanged, held at 1,840 USD / ounce at 12:58 GMT and has risen by around 3% so far this week. The future price of US gold rose 0.3% to 1,845 USD.
“The market expects higher world GDP growth by 2021, especially with the launch of a vaccine that will create a potentially risky market,” China International Bank analyst Xiao Fu said. roar more ”.
But on the other hand, a weak dollar and a combination of monetary and fiscal policy, as well as geopolitical risk, create opportunities for gold.
An unprecedented stimulus released this year pushed gold up 21%, as a hedge against potential inflation and currency devaluation as a result of the stimulus.
The dollar is in its worst week since early November, making gold cheaper for other currency holders.
A $ 908 billion COVID-19 bipartisan assistance plan was presented to the US Congress on Thursday (December 3).
But expectations for the vaccine’s release have heightened optimism about the economic recovery, sending the stock market to record levels.
In other precious metals markets, platinum rose 2.5% to $ 1,055 / ounce and palladium rose 1.7% to $ 2,341.
Mr Avtar Sandu, senior commodity trading manager at Phillip Futures, said: “Platinum is attracting renewed interest, as it pushes for global clean energy and weak gold demand, promising to help increase demand for this metal” .
Platinum is widely used in the automotive industry, mainly for the production of catalytic converters that help clean car smoke.
Cash prices rose 0.5% to 24 USD / oz, it has established more than 6% for the week.