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Gold futures end sharply higher on weaker dollar

05 Jan 2021 Evaluate
Gold futures ended sharply higher on Monday, marking the highest settlement in nearly two months as the US currency diminished ahead to Tuesday's run-off elections in Georgia, which will decide which party controls the US Senate. US dollar tumbled to a two and half year low, making the dollar denominated yellow metal cheaper for other currency holders. Moreover, bullion also got bolstered in midst of worries over peaking COVID-19 cases and government efforts to contain it.

Gold futures for February delivery was up 2.7% or $51 to settle at $1,946.60 an ounce on the Comex division of the New York Mercantile. Spot gold rose 2.4% at $1,943.13 per ounce.