Spot gold was steady at $1,974.29 per ounce by 0508 GMT, after hitting a record high of $1,984.66 in early Asian trade."The sentiment across markets is deteriorating. First of all, rising infection rates are a real concern for the globe and a real support for gold prices. Given that, it is also driving U.S. dollar higher," said Michael McCarthy, chief strategist at CMC Markets.Rising COVID-19 cases and simmering U.S.
"Gold also saw safe-haven demand as the federal unemployment bonus expired on Friday, which would affect U.S. consumer income and spending and the U.S. Central Bank would thus remain dovish," Phillip Futures analysts said in a note. U.S. lawmakers struggled to hammer out a new stimulus plan. White House Chief of Staff Mark Meadows said on Sunday he was not optimistic on near-term deal for coronavirus relief bill.
Limiting gold's advance, the dollar index rose 0.3%, having touched its lowest level since May 2018 last week. A weaker dollar, also considered a rival safe haven, makes gold cheaper for holders of others currencies.Spot gold may retreat into a range of $1,943-$1,954 per ounce, said Reuters technical analyst Wang Tao.
Elsewhere, silver eased 0.1% to $24.36 per ounce, platinum fell 0.8% to $899.79 and palladium dropped 0.8% to $2,075.02. - Reuters
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