AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.00 Decreased By ▼ -0.99 (-0.77%)
BOP 6.68 Increased By ▲ 0.08 (1.21%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.30 Decreased By ▼ -0.18 (-0.43%)
DGKC 86.71 Increased By ▲ 0.13 (0.15%)
FCCL 32.16 Increased By ▲ 0.02 (0.06%)
FFBL 64.70 Decreased By ▼ -0.72 (-1.1%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.51 Decreased By ▼ -0.98 (-0.89%)
HUMNL 14.90 Increased By ▲ 0.15 (1.02%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.39 Decreased By ▼ -0.26 (-0.62%)
NBP 60.60 Increased By ▲ 0.51 (0.85%)
OGDC 190.00 Decreased By ▼ -4.69 (-2.41%)
PAEL 27.81 Decreased By ▼ -0.14 (-0.5%)
PIBTL 7.75 Decreased By ▼ -0.25 (-3.13%)
PPL 149.75 Decreased By ▼ -1.42 (-0.94%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.18 Increased By ▲ 0.18 (1.13%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.72 Increased By ▲ 0.33 (4.47%)
TOMCL 35.58 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.14 Increased By ▲ 0.23 (2.91%)
TREET 16.51 Increased By ▲ 0.62 (3.9%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.28 Decreased By ▼ -0.27 (-1.02%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,889 Decreased By -31.1 (-0.31%)
BR30 30,611 Decreased By -140.9 (-0.46%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)
Markets

Gold gains on weaker dollar, virus woes ahead of US election

  • Spot gold rose 0.4% to $1,911.14 per ounce by 1115 GMT and was up 0.6% for the week. US gold futures gained 0.5% to $1,914.10.
  • The dollar index fell 0.2% against its rivals, making dollar-denominated gold less expensive for holders of other currencies.
Published October 23, 2020

Gold firmed above $1,900 an ounce on Friday, heading for a weekly gain, as the dollar weakened and as investors hedged against uncertainties surrounding the coronavirus pandemic and going into the Nov. 3 US presidential election.

Spot gold rose 0.4% to $1,911.14 per ounce by 1115 GMT and was up 0.6% for the week. US gold futures gained 0.5% to $1,914.10.

"Gold is getting some boost from the dollar weakening and we have the US elections and there's still a lot of uncertainty. Also, there are talks about the US stimulus package in negotiation," said Bank of China International analyst Xiao Fu.

The dollar index fell 0.2% against its rivals, making dollar-denominated gold less expensive for holders of other currencies.

House Speaker Nancy Pelosi on Thursday reported progress in talks with the Trump administration for another round of fiscal aid and a deal could be reached "pretty soon".

Even once the US election results were known, "there still could be uncertainty about policies and implementation running until the end of the year, in turn supporting gold," Bank of China International's Fu said.

There could also be additional inflows into gold exchange traded funds - often a gauge of investor sentiment - on renewed uncertainties over pandemic-related restrictions and the US election outcome, UBS analysts said in a note.

The final debate between US President Donald Trump and his Democratic challenger Joe Biden included contrasting views on the pandemic.

Countries across Europe implemented fresh restrictions as coronavirus cases more than doubled over the last 10 days, while the global tally touched about 41,178,000.

Silver edged up by 0.1% to $24.78 per ounce and was set for a weekly rise. Platinum gained 1.3% to $896.31 and palladium rose 0.3% to $2,381.39.

Comments

Comments are closed.