Yellow metal exhibited its might, and its prices rose the second day in a row on Tuesday during early trades. Now, it is racing toward crossing the $1,900 an ounce mark yet again.
The uncertain outcome of the US elections and rising COVID-19 cases led the crowd of investors to look for a safe-haven investment and what’s better than gold.
Meanwhile, traders hedged to bargain profits ahead of the monthly policy meeting by Bank of England and The Federal Reserve scheduled on Thursday.
Spot gold surged to $1,894.64, earning $15.63 or gains of 0.8 per cent by 18:40 GMT.
The expectations that the newly appointed president of the US would attempt to offer stimulus for the COVID-19 also supported the growth of gold.