Picture used for illustrative purpose. File

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. 

READ MORE 

Gold climbs as concern over coronavirus cases increase

Oil products in Fujairah low in two-weeks

The road to normal corporate travel is far away

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.