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PRECIOUS-Gold inches higher from over 4-month low as dollar weakens

Category: Economy

Date: 2020-11-25T10:03:01+0000
PRECIOUS-Gold inches higher from over 4-month low as dollar weakens

Shafaq News/ Gold prices edged up on Wednesday helped by a weaker dollar, though a robust appetite for riskier assets kept the safe-haven metal near a more than four-month low hit in the previous session.

Spot gold rose 0.35% to $1,810.75. per ounce by 0900 GMT.

 Prices hit $1,800.01 on Tuesday, its lowest level since July 17.

U.S. president-elect Joe Biden moved swiftly to make Cabinet choices after defeating President Donald Trump, who gave the go-ahead for Biden to start receiving daily intelligence briefings, a sign he has all but accepted the result.

 Biden's formally approved transition and positive developments around a possible COVID-19 vaccine sparked a rally in U.S. equities with the Dow piercing the 30,000 level for the first time on Tuesday.           

Investors now wait the FOMC's minutes from its last meeting due at 1900 GMT for clues on the direction of monetary policy.                         

Gold price surges 18% this year, may rise even more to hit new highs as investors rush to safe havens.

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