Gold prices edged higher on Thursday as the dollar stayed weak on positive developments on the Brexit front.
Hopes of additional stimulus in the U.S. boosted demand for the safe-have asset. Gold also found support from reports showing a rapid spread of a new coronavirus variant which is said to be 70% more transmissible
The dollar index, which eased to 90.15, recovered subsequently and was last seen at 90.31. It had settled at 90.41 on Wednesday.
Gold futures for February ended up $5.10 or about 0.3% at $1,883.20 an ounce. Gold futures shed 0.3% in the week.
Silver futures for March ended lower by $0.013 at $25.908 an ounce, while Copper futures for March settled at $3.5625 per pound, up $0.0065 from previous close.
The U.K. and the European Union have finally reached a post-Brexit trade agreement. The news of the agreement comes just a week before a December 31st deadline, offsetting recent concerns about a potential no-deal Brexit.
“It has been a long and winding road but we have got a good deal to show for it,” said EU Commission President Ursula von der Leyen. “It is fair, it is a balanced deal and it is the right and responsible thing to do for both sides.”
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