Value of gold saw a jump in the opening session on Thursday. At the same time, the weaker dollar prospect and the global economic outlook due to rising coronavirus cases pinned down the yellow metal news.
Notably, gold registered a steep fall a day before. In the early session, gold futures surged to $1,948.25 by 0.19 per cent at 5.35 AM GMT. Meanwhile, dollar prices fell by 0.1 after witnessing a rise in the previous session, making the precious metal less costly for the holders of other currencies.
On the other hand, the simmering concern of COVID-19 saw employers of several companies hiring fewer candidates for work than anticipated. It indicates the slow down of the labour market due to the pandemic.
Interestingly, gold is living up to its reputation of being investors’ safe haven during the uncertainties of political and pandemic.