Gold futures on Monday rose slightly as the US dollar fell earlier in the week. However, gold bullion progress is likely to be limited by increased risk appetite as markets appear to be reacting to President Donald Trump's rebound from COVID-19.
Uncertainty over the 2020 election after Trump said he contracted the deadly diseases on Friday shook markets, but greater clarity on a number of factors, including the president's improved condition after a weekend hospital stay and a growing one Former Vice President Joe Biden's head start in the presidency The race, as expressed in a number of recent polls, has undercut demand for gold bars, experts say.
Trump could reportedly be discharged from Walter Reed Hospital today. Some also argue that former Vice President Joe Biden's growing lead in the presidential election, which could lead to a more decisive election result, is having a positive impact on the sentiment of traders and investors, ”Jim Wyckofff, senior analyst at Kitco.com, wrote in one Study note.
"The major foreign markets see the US dollar index weaker this morning," the Kitco analyst wrote.
Gold futures for December delivery
won $ 5.70. or 0.3% at $ 1,913.20 an ounce after posting a 2.2% weekly gain to finish the run on Friday.
Silver for December delivery
Meanwhile, 14 cents, or 0.6%, rose to $ 24.17 an ounce after the gold metal of gold rose 4.1% last week.
The ICE US dollar index
is down 0.3% as measured by the index that measures the strength of the dollar against half a dozen currencies. A weaker dollar can make the prices of assets in the currency unit relatively expensive for overseas buyers.
Global equity markets rose, a setback from the weakness seen on Friday and some enthusiasm for precious metals during the session.