Gold Rises Above $1900 in Final Session of 2020

Gold prices rose on Thursday above $1900 in the final session of 2020, heading to the best annual performance in 10 years.

The yellow metal prices received support with the weakening of the US dollar, and the continuing concerns about the pandemic.

Gold prices closed on New Year's Eve with their strongest annual gains in a decade, capping the year of the pandemic with a record annual ending.

Gold bullion in 2020 achieved its best year since 2010, as gold bars in 2020 achieved a 24.1% rise in terms of US dollar prices, as social restrictions and closures to try to stop the spread of the coronavirus caused the largest global economic collapse since the World War II.

Economic data revealed a decline in jobless claims in the United States, contrary to expectations.

The yellow metal is heading for an annual gain of 24%, which would be the best since 2010.

By the end of today's trading, the price of gold futures contracts for February delivery rose 0.4% to reach $1,902 an ounce.

The spot price of the yellow metal rose 0.2% to $1898.4 an ounce.

At the same time, the main dollar index, which measures the currency’s performance against 6 major currencies, fell 0.1% at 89.61.