Gold rose on Thursday on hopes of a partial U.S. coronavirus stimulus deal to support the virus-stricken economy, while investors waited for the weekly jobless claims report from the world’s largest economy.
Spot gold had risen 0.2% to $1,891.36 per ounce. U.S. gold futures were up 0.3% at $1,896.10.
“The short-term potential for additional stimulus and the longer term prospect for a Joe Biden-Kamala Harris win, which the market is viewing as inflationary, are thereby continuing to support gold, given the increased demand for hedging against future inflation,” said Saxo Bank analyst Ole Hansen.
Bullion, considered a hedge against inflation and currency debasement, has risen 24% this year following unprecedented government and central bank stimulus worldwide to revive economies.
Among other metals, silver gained 0.5% to $23.96 per ounce. Platinum was flat at $863.77, while palladium rose 0.7% to $2,369.17.