Gold Futures Settle Modestly Higher

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Gold futures ended higher on Monday, although gains were just modest as optimism about a fiscal stimulus limited the commodity’s upside.

The continued surge in coronavirus in several countries across the globe and reports of new restrictions and lockdown measures prompted investors to seek the safe-haven asset.

The dollar’s retreat after early strength dollar supported gold, while largely positive equities weighed on prices.

The dollar index, which advanced to 93.24, slipped below the flat line in late morning trades, and was last seen at 93.06, its previous close.

Gold futures for December ended up $2.70 or about 0.1% at $1,928.90 an ounce.

Silver futures for December moved up $0.163 or 0.7% to $25.271 an ounce, while Copper futures settled at $3.0640 per pound, down $0.0185 or about 0.6% from previous session.

The offshore Chinese yuan dropped after the People’s Bank of China scrapped a requirement for banks to hold a reserve of yuan forward contract.

U.S. House Speaker Nancy Pelosi rejected the Trump administration’s latest stripped-down version of the coronavirus relief bill on Sunday, but investors remain hopeful that U.S. lawmakers will eventually pass a new stimulus package.

U.K. Prime Minister Boris Johnson today announced a three-tier system of further restrictions to be imposed on parts of England. Pubs and bars have been closed in areas placed into the “very high” alert level.

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