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Gulf Today Report
Gold prices recorded gains at the beginning of the year by notching an eight-week peak on Monday as coronavirus cases surge.
Spot gold rose 1.1% to $1,919.11 per ounce, its highest since Nov. 9 at $1,925.05, while US gold futures climbed 1.6% to $1,925.
The dollar fell giving room for gold to be cheaper for other unit holders. Also, British lockdown and Japan considering state of emergency boosted gold prices.
Investors bullish on stocks, hoping for a brighter 2021
German exports down more than 12% last year due to coronavirus
India's merchandise exports dip after major markets' shutdown
Investors are also looking at upcoming US runoff elections, the outcome will determine the control of the Senate.
"Gold will go higher if the Democrats win the Senate, basis freedom to engage in more adventurous fiscal policy," said Nicholas Frappell, global general manager at ABC Bullion.
Factors from 2020 will continue supporting the gold in climbing higher in the first quarter of 2021, also the success of coronavirus vaccine will determine the prices, he added.
Spot gold was steady at $1,772.14 per ounce by 0703 GMT, just $6.92 shy of a near eight-year high of $1,779.06 hit last week. U.S. gold futures rose 0.3% to $1,787.30. Bullion, with quarterly gains of more than 12%.
Spot gold hit its highest since early October 2012 at $1,788.96 in early trade, and by 0958 GMT was at $1,787.31 per ounce, up 0.4%. U.S. gold futures were up 0.3% at $1,805.10 per ounce.
Spot Gold rose 0.2% to $1,945.56 per ounce by 0918 GMT. US Gold futures rose 0.3% to $1,954.20 per ounce.
Spot gold fell 0.3% to $1,853.85 per ounce by 928 GMT. US gold futures were down 0.5% at $1,856.40.
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after Opec and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.
Amazon.com has opened its first-ever physical store outside the United States, which is expected to create a new trend in the British retailing sector.
The US employers added a robust 379,000 jobs last month, the most since October and a sign that the economy is strengthening as confirmed viral cases drop, consumers spend more and states and cities ease business restrictions.
Retail consumers in India continued to buy up physical gold this week as prices retreated to a near one-year low, while lower rates also injected fresh activity in other hubs, especially Singapore.