Tue. Jan 31st, 2023

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Gold prices climbed 8 weeks high

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Gold bars

Gold prices climbed to their highest in eight weeks on Monday, holding above $1,900, as global Covid-19 cases spiked and countries pushed for more lockdowns despite vaccine rollouts.

Spot gold rose 0.8% to $1,912.71 per ounce by 0102 GMT, its highest since Nov. 9, while U.S. gold futures climbed 1.1% to $1,916.40.

The dollar index remained weaker against rivals on Monday, making gold cheaper for holders of other currencies.

Global coronavirus cases continued to climb, with British Prime Minister Boris Johnson hinting at tougher lockdown restrictions, while Japan considered declaring a state of emergency for capital Tokyo and surrounding areas.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.08% to 1,170.74 tonnes on Thursday.

Physical gold demand remained largely muted across top Asian hubs last week as holidays kept buyers at bay.

Silver gained 2.4% to $26.98 an ounce. Platinum gained 0.6% to $1,075.15 and palladium rose 0.6% at $2,461.95.

Britain will become the first country to roll out the low-cost and easily transportable AstraZeneca and Oxford University Covid-19 vaccine on Monday.

The U.S. Federal Reserve will release the minutes from their latest policy meeting on Wednesday.

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