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Gold regained strength following the depreciation of the US dollar as investors awaited the official election results in Georgia that would determine power in the United States Senate.
At the beginning of the European session, gold traded at $ 1,947 per ounce, while gold futures were stable at $ 1,951 per ounce (3.15pm Malaysian time).
The precious metal remained strong after rising to an 8-week high of $ 1,955 an ounce during the Asian session.
According to a recent report by NBC News, Democrat Rapahel Warnock led Republican Kelly Loeffler with 97% of the vote. Meanwhile, the counting of votes between Jon Ossoff (D) and David Perdue (R) is still going on with the competition being seen as very fierce.
If Democrats win both seats in this election, it will pave the way for the party to dominate the Senate and facilitate more stimulus measures to be implemented under President Joe Biden.
Meanwhile, the greenback dollar continued to plunge to its latest low since April 2018 against most major currencies despite a spike in US treasury yields.
