Gold prices drifted lower on Monday as the dollar strengthened against most of its peers amid rising concerns over a rapid surge in what is reportedly a new variant of the novel coronavirus.

Several countries in Europe have reimposed tight travel and business restrictions to curb the spread of the virus.

The dollar index rose to 91.02 in the European session. However, it pared gains subsequently and was last seen at 90.13.

Gold futures for February ended down $6.10 or about 0.3% at $1,882.80 an ounce.

Silver futures for March moved up $0.346 to settle at $26.379 an ounce, while Copper futures for March settled at $3.5775 per pound, down $0.0550 from previous close.

In virus news, a fast-spreading new coronavirus strain shut down much of the United Kingdom and disrupted international freight.

More than 16 million Britons are now required to stay at home as a full lockdown came into force in London and the southeast of England.

The new variant of the virus, which is thought to be up to 70% more transmissible than the original strain of the disease, has reportedly been identified in Denmark, the Netherlands and Australia.

On the Brexit front, a deadlock of fishing rights in Britain’s waters continued to stall negotiations about a trade deal.

The material has been provided by InstaForex Company – www.instaforex.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here