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Gold prices inched higher on Thursday as the dollar weakened on expectations of further stimulus and amid signs that a Brexit trade deal was imminent.

Spot gold rose 0.4 percent to $1,879.60 per ounce, while U.S. gold futures were up 0.3 percent at $1,883.75.

With the U.S. reporting more coronavirus hospitalizations than ever before, speculation is rife that the U.S. will finally get more stimulus.

U.S. President-elect Joe Biden said Tuesday the coronavirus relief package passed by Congress is “just the first step and his administration will put forward another Covid-19 relief package next year to address multiple crises facing America.

Safe-haven gold is also benefiting from the spread of a new coronavirus variant which is up to 70 percent more transmissible.

On the Brexit front, negotiations have taken place through the night and reports suggest that a trade deal is imminent just a week before the transition period ends.

A last minute hitch related to fishing has delayed the agreement and an announcement is expected later in the day, Irish Foreign Minister Simon Coveney reportedly said.


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