Globally, gold prices rose on Wednesday with the help of a weak dollar, although strong appetite for riskier assets kept the safe-haven metal near its lowest level in more than four months in the previous session.
Spot gold rose 0.1% to $1809.41 an ounce after recording $1,800 on Tuesday, the lowest level since July 17, while the US gold futures rose 0.2% to $1807.
The dollar index fell by 0.1% against a basket of currencies, which made bullion cheaper for holders of other currencies.
Hong Kong’s Department of Statistics and Statistics data on Tuesday showed that China’s net imports of gold via Hong Kong fell by about 84% in October from a six-month peak in September, marking their biggest monthly decline since June.
Holdings of the SPDR Gold Trust, the world’s largest gold-backed ETF, fell 1.1% to 1,199.74 tons on Tuesday from 1,213.17 tons on Monday.
Gold losses of 2% on Tuesday led to the metal plummeting to its lowest level in 4 months, as positive economic data and more news of a COVID vaccine coincide with the White House transition, pushing the metal further to loose most of its gains in the recent period.
Gold prices are more closely related to real US interest rates, falling to $1,804 an ounce, down 13% from its all time high in early August at $2,075. On November 9, gold prices lost $100 an ounce in the first announcement of a vaccine from Pfizer.
Meantime, Silver rose 0.2% to $23.29 an ounce, platinum declined 0.2% to $959.64, while palladium declined 0.3% to $ 2,340.61.
