Picture used for illustrative purpose. File

Gulf Today Report

Gold advance on Monday as the prospect for a US monetary stimulus to aid the economy outweighs hope for a COVID-19 vaccine being made available next month.

Spot gold rose 0.2% to $1,873.51 per ounce by 05:10 GMT and US gold futures were little changed at $1,871.70.

US Treasury Secretary Steven Mnuchin on Friday said the Fed and Treasury have a lot of tools left to aid the economy. 

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According to Michael McCarthy, chief strategist at CMC Markets, the lack of a fiscal package being injected into the economy is good for gold.

Wang Tao, a technical analyst said, from the technical front, gold may retest support at $1,855 per ounce, a break below which could cause a fall to $1,841.

Silver firmed 0.5% to $24.25 an ounce. Platinum rose 0.1% to $946.43, while palladium gained 0.6% to $2,339.56.