COMEX Gold Off One Week High

Published on Dec 29, 2020 12:39

Gold saw good gains yesterday before pulling back. The metal hit one week high above $1900 per ounce as media reports stated that US President Donald Trump signed into law a $2.3 trillion pandemic aid and spending package. COMEX Gold futures stayed supported last week on reports that Britain has detected a new variant of the coronavirus in contacts of cases who have travelled from South Africa. This strain has now reportedly spread to a number of other countries. However, Covid-19 vaccine is stated to be effective against the new strain and Gold reacted negatively to this development. COMEX Gold futures tanked more than 20 dollars in intraday trades yesterday. The counter trades at $1883 per ounce, up 0.14% on the day right now.