Metal expected to remain well bid in spite of vaccine development adding to risk appetite
Bengaluru — Gold rose on Tuesday, underpinned by Sino-US trade friction and global stimulus although promising early-stage data for a potential Covid-19 vaccine spurred some risk appetite, keeping prices below a more than seven-year high hit in the last session.
Asian shares jumped as the news boosted hopes for a swift reopening of the global economy. Indicating some return to normalcy, epicentres of the pandemic, including New York, Italy and Spain, are gradually lifting restrictions that have kept millions in their homes. Gold tends to benefit from widespread stimulus from central banks because it is widely viewed as a hedge against inflation and currency debasement. The metal has risen about 14% this year as central banks rolled out a wave of interest rate cuts and other stimulus to limit the economic damage from the pandemic.
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