PRECIOUS-Gold hits 8-week high on worries over more virus curbs - Reuters

asianpostmedia.blogspot.com

 (Adds analyst comment, details; updates prices)
    * Tokyo considers lockdown, Britain hints at tougher
restrictions
    * China's Dec factory activity growth slows
    * Interactive graphic tracking global spread of coronavirus:
tmsnrt.rs/3mvcUoa

    By Sumita Layek
    Jan 4 (Reuters) - Gold prices started the new year on a high
by notching an eight-week peak on Monday, as spiking COVID-19
cases and prospects of tougher restrictions boosted the
safe-haven metal's appeal.
    Spot gold        rose 1.1% to $1,919.11 per ounce by 0553
GMT, having hit its highest since Nov. 9 at $1,925.05, while
U.S. gold futures        climbed 1.6% to $1,925.
    Doubts about a swift global economic rebound arose after a
business survey showed the pace of expansion in China's
industrial sector slowed in December.             
    Data for the United States and Europe is due later in the
day. 
    Potential for weaker data as COVID-19 ravages livelihoods in
the United States and Europe is supporting gold, said Dominic
Schnider, head of commodities and APAC forex at UBS Wealth
Management in Hong Kong.
    The dollar        eased, making gold cheaper for other unit
holders.       
    Gold prices received a boost after Britain's prime minister
hinted at stricter curbs, while Japan said it would consider
declaring a state of emergency in its capital city area.
                         
    Investors are also eyeing Tuesday's runoff elections in the
U.S. state of Georgia that will decide the control of the
Senate.             
    "Gold will go higher if the Democrats win the Senate, basis
freedom to engage in more adventurous fiscal policy," said
Nicholas Frappell, global general manager at ABC Bullion.
    The supporting factors from 2020 will continue to push gold
higher in the first half of the year, while the success of
vaccine programs will also determine prices, he added.
    Other commodities including oil, iron ore and copper also
kicked off 2021 on a strong note as vaccine rollouts and further
fiscal support hopes spurred demand and boosted
prices.           
    Minutes from the U.S. Federal Reserve's latest meeting are
due on Wednesday.
    Silver        gained 2.2% to $26.93 an ounce. Platinum
       rose 1.4% to $1,083.42 and palladium        climbed 0.1%
at $2,451.78.

 (Reporting by Sumita Layek in Bengaluru; Editing by
Ramakrishnan M. and Sherry Jacob-Phillips)
  

Let's block ads! (Why?)

"8" - Google News
January 04, 2021 at 10:39AM
https://ift.tt/3rTylCX

PRECIOUS-Gold hits 8-week high on worries over more virus curbs - Reuters
"8" - Google News
https://ift.tt/2z1PBPz
https://ift.tt/3c1rzCJ