Gold prices soars

Gold prices edged higher on Wednesday as grim U.S. consumer and housing data bolstered hopes for further stimulus to support an economic recovery from the pandemic-induced slump.

Spot gold rose 0.2% to $1,863.83 per ounce by 0027 GMT, while U.S. gold futures fell 0.1% to $1,868.10.

A new coronavirus strain in the UK has caused several countries around the world to shut their borders to Britain and drugmakers to scramble to test their Covid-19 vaccines against it.

Weekly Covid-19 infections rose by the highest since the pandemic began, with the United States reporting the most number of cases for any single country, the World Health Organization said on Tuesday.

U.S. Congress passed a massive Covid-19 aid and government funding package overnight aimed at bolstering the nation’s battered economy.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.20% to 1,167.53 tonnes on Tuesday from 1,169.86 tonnes on Monday.

Silver rose 1% to $25.38 an ounce. Platinum rose 0.5% to $1,007.11 and palladium gained 0.2% to $2,318.12.