Sat. Jan 16th, 2021

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Gold prices keep upright

1 min read
Gold price

Gold bullion bars

Gold prices were little changed on Monday, as investors sought more clarity on developments in U.S. President Donald Trump’s health after he tested positive for COVID-19 last week.

Spot gold was nearly flat at $1,896.21 per ounce by 0328 GMT.

U.S. gold futures were down 0.3% at $1,902.

“There’ll be reluctance to sell gold at this stage because of the increasing amount of uncertainty as we head towards the U.S. presidential election,” said Howie Lee, an economist at OCBC Bank.

The dollar was down 0.1% against rivals, while stock markets rose on hopes that Trump could be discharged from hospital later in the day.

Gold, seen as a hedge against inflation and currency debasement, has risen about 25% this year supported by unprecedented stimulus measures by governments and central banks worldwide to revive their coronavirus-battered economies.

However, it has retreated by 8.4% since hitting a record peak of $2,072.50 in August.

Spot gold is biased to break a support at $1,896 per ounce, and fall to $1,877.

Silver rose 0.8% to $23.88 per ounce, platinum dipped 0.2% to $880.33 and palladium fell 0.2% to $2,303.84.

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