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.