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Gold futures settle near seven week high on Thursday

06 Nov 2020 Evaluate
Gold futures settled higher on Thursday, with the bullish safe haven bets as dollar slipped amid the prospects of a split government in US and as the Bank of England boosted its already huge bond-buying stimulus by 150 billion pounds. The yellow metal investment also buoyed with its inflation hedge appeal as the investors eyed on the likelihood of more economic stimulus. Gold for the most active contract finished near seven week high rate in the session.

Gold futures for December delivery settled up 2.7% at $1,946.80 an ounce on the Comex division of the New York Mercantile. Spot gold rose 2.42% to $1,949.26 per ounce.