SINGAPORE: Gold rose more than 1% on Wednesday to its highest in nearly nine years, driven by a softer dollar and as expectations of more stimulus to revive pandemic-hit economies lifted the metal's appeal as an inflation-hedge.
Spot gold was up 1% at $1,859.56 per ounce by 0713 GMT, after hitting its highest since September 2011 at $1,865.35 earlier in the session.
US gold futures rose 0.9% to $1,860.40.
"The spectre of these stimulus packages has pushed investors back into non-yielding assets like gold," said ANZ analyst Daniel Hynes.
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