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Gulf Today Report
Gold advanced on Thursday after it slumped over 1% in the previous session due to worries over the surge of COVID-19 cases topping the excitement around the vaccine developed.
Spot gold rose 0.2% to $1,868.81 per ounce by 05:49 GMT. US gold futures were 0.3% higher at $1,866.30 per ounce.
Gold fell 4.2% this week following Monday’s announcement by Pfizer Inc and BioNTech of a 90% effective COVID-19 vaccine.
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Strategist with DailyFx Margaret Yang said, “gold traders are trying to strike a balance between a positive vaccine news and a rising number of coronavirus cases around the globe.”
Gold is seen as a shield against inflation and currency debasement, it is most likely to profit from widespread stimulus measures from central banks.
Silver fell 0.3% to $24.18 an ounce. Platinum rose 0.2% to $866.64 and palladium climbed 1.7% to $2,353.38.
Spot gold was down 0.3% at $1,734.31 per ounce by 03:45 GMT while US gold futures were also down 0.3% at $1,733.70 per ounce.
Spot gold was steady at $1,711.61 per ounce by 02:57 GMT while US gold futures dipped 0.3% to $1,710.20.
Spot gold rose 0.4% to $1,707.81 per ounce by 05:23 GMT while US gold futures climbed 0.4% to $1,704.90.
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