Gold got off to a good start on the first trading day of 2021, with spot gold rising above $1920 an ounce.
Spot gold prices hit $1925 an ounce, a two-month high.
The gold market rose nearly 25% in 2020, a record high at one point.
The entire precious metals market was strong, with silver also surging, while platinum hit its highest level since 2016.
The dollar index fell to its lowest level since 2018, while the re-closure of cities in many parts of the world under the influence of the epidemic has heightened risk aversion, while vaccine distribution is more difficult than expected.
Dominic Schnider, head of commodities at UBS Wealth Management (UBS Wealth Management), said gold was supported by some macro economic data, while the epidemic continued to have a huge impact on the US and Europe.
British Prime Minister Johnson hinted that Britain might impose stricter city closures, which heightened risk aversion.
Schnider pointed out that if the vaccine works, it will not return to normal until the second half of the year at the earliest, which means that monetary policy will continue to be loose, and investors will choose to continue to hold gold as an insurance measure.
The market will pay attention to the minutes of the Fed meeting this week.
In addition, the election in Georgia is also the focus of attention, which will determine who controls the U.S. Senate.
