Gold-priced metals rose as markets headed for a European trading session after investors began moving to safe-haven assets for protection amid rising coronavirus cases and slower vaccine launches.
The gold spot rose higher ahead of the European session at $ 1,865 per ounce, while gold futures were strong at $ 1,867 per ounce (2.30pm Malaysian time).
The turmoil in the US stock market between hedge funds and retail investors over the past week has also helped boost the yellow metal.
The increase follows the rise in silver commodities which has soared to a 5-month high following a massive buying move by retail investors to mimic previous measures taken against Gamestop shares.
The market focus is now on a meeting between President Joe Biden and the Republican Senate to discuss the US stimulus package today.
Earlier, 10 Republican Senate representatives had asked to meet with Biden to propose an alternative proposal that would be approved by Congress with bipartisan support as one of the efforts to replace the $ 1.9 trillion aid package to reduce costs.
