Gold futures settled steeply higher on Thursday, marking highest settlement for a most-active contract since November 17, whetted by softer dollar with US covid relief bill is close to the deal and as Federal Open Market Committee pledged to anchor key interest rates at zero until the U.S. economy’s recovery is secure. The yellow metal which is considered as an inflation hedge got buoyed with the lower interest and on stimulus hopes.
Gold futures for February delivery was up by $31.3 or 1.7% to settle at $1890.40 an ounce on the Comex division of the New York Mercantile. Spot gold jumped 1.2% to $1,885.76 per ounce.