Gold Gains On Dollar Weakness
Gold prices advanced on Thursday as the dollar weakened on coronavirus vaccine hopes and investor optimism over additional stimulus.
Spot gold rose 0.3 percent to $1,835.78 per ounce, after having hit its highest since Nov. 23 at $1,843.11. U.S. gold futures were up half a percent at $1,838.35.
Britain approved Pfizer Inc’s Covid-19 vaccine on Wednesday, clearing the way for mass inoculation.
The U.S. FDA is holding its advisory committee next week to confirm a vaccine rollout plan, while the European Medicines Agency is likely to give emergency approval on December 29th.
Russian President Vladimir Putin ordered authorities to begin mass voluntary vaccinations against Covid-19 next week, with high-risk groups, including medical workers and teachers likely to be first to get the shots.
On the stimulus front, Japan’s government has committed to more fiscal spending. U.S. President-elect Joe Biden said he believes “tradeoffs” can be made with Senate Majority Leader Mitch McConnell to ensure Congress backs a new stimulus package.
U.S. House Majority Leader Steny Hoyer expressed hope that a deal could be reached “in the next few days”. Congress has until Dec. 11 to reach a consensus on the measures should it wish to avoid a government shutdown.