BENGALURU, Nov 01 (Reuters): Gold prices rose on Friday as the dollar rally paused, with worries over rising COVID-19 cases and uncertainty surrounding next week's US presidential election offering support to the safe-haven metal.
Spot gold was up 0.6 per cent at $1,879.01 by 01:30 p.m. EDT (1730 GMT) following two straight sessions of sharp declines. Bullion is down 0.3 per cent this month.
US gold futures settled up 0.6 per cent to $1,879.90.
"Gold rebounded as the dollar partially reversed its surprising two-day rally," said Tai Wong, head of base and precious metals derivatives trading at BMO.
"Investors are finding the bottom of the recent range a good level at which to add to gold holdings ahead of the hotly contested election next week, which seems likely to return a one-party government that means much bigger and faster stimulus."
The dollar index was steady against its rivals after climbing to its highest in a month in the previous session.
Gold gains as dollar rally stalls, virus cases mount
FE Team | Published: November 01, 2020 23:28:55
Gold gains as dollar rally stalls, virus cases mount
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