Market concerns over the discovery of the new Covid-19 variant and the positive development of the US stimulus package, have benefited the safe-haven gold trading during this week's trading opening.
Gold continued to perform well, trading at $ 1,905 per ounce ahead of the European session, while gold futures strengthened at $ 1,910 per ounce (2.30pm Malaysian time).
The rise was supported by the new threat of a rapidly spreading Covid-19 in the UK and described by UK Health Secretary Matt Hancock as out of control, has prompted investors to seek protection from safe-haven assets.
This has prompted the country to impose sanctions on London and some areas in England to curb more serious transmission.
In addition, some countries especially the European Union (EU) are also taking precautions by closing their borders and blocking flights from the UK.
Gold continued to rise higher after U.S. Congress leaders reportedly reached an agreement on a $ 900 billion stimulus package to help people and businesses affected by the Covid-19 crisis.
The U.S. House of Representatives will vote on the bill today, followed by the Senate.
Also supporting gold trading is the uncertainty about Brexit which is back in the market causing investors to turn to safe-haven.
