Gold prices edged higher on Monday, recovering from a near seven-week low, as prospects of a massive US coronavirus relief aid outweighed a stronger dollar and lifted bullion’s appeal as an inflation hedge.
Spot gold advanced 0.6% to $1,838.30 per ounce by 11:30 a.m. EST, rebounding from an intraday low of $1,810.90 earlier. US gold futures were also 0.4% higher at $1,837.40 per ounce.
Meanwhile, European equities and US futures remain under pressure. Global shares slipped over the past week on optimism surrounding a historic $1.9 trillion US aid package.
Goldplat plc (LON:GDP) is an AIM-listed, profitable gold recovery services company with two market leading operations in South Africa and Ghana.