Gold shoots up amid election uncertainty

Gold shoots up amid election uncertainty

After hitting almost a one-month low during the last session in Asia, the prices of yellow metal surged in the early trades on Thursday. The second wave of the pandemic in European nations and the weakening dollar is held responsible for pushing prices of gold to the upside.  

 

Several nations are forced to execute fresh lockdown measures for controlling the spread and casualties. 

 

Gold futures bewitched the market and climbed to $1,882.9, a hike of 0.20 per cent at 4:26 AM GMT. However, it went below USD 1900, which may be slightly concerning for the market and investors. 

 

Both dollar and stocks went low as the investors shifted their base temporarily toward the precious metal, which is deemed safe-haven. 

 

Germany and France are among top nations who have re-introduced lockdowns to control the menace. Now, all eyes are hooked on to decisions by the European Central Bank. 

 

Meanwhile, holdings in SPDR Gold Trust plunged to 1,258.25 tonnes, a loss of 0.67 per cent on Wednesday.

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