Investors are causing the price of gold to rise after taking advantage of its sharp decline

Gold rose today, as uncertainty about the global economic recovery and the presidential elections in the United States encouraged investors to take advantage of the sharp decline in the precious metal in the previous session and buy it.

Spot gold rose 0.3% to $ 1895.84 an ounce by 06.18 GMT, after dropping 1.9% yesterday, due to a jump in the dollar.

And US gold futures gained 0.3% to $ 1,899.70.

"When the price drops, there is a portion of strategic investors who believe that gold is still a very good hedge in the face of global uncertainty, so they continue to like it," said Harshall Parrot, senior research consultant for South Asia at Metal Fox.

He added, "With the absence of any indications of a slowdown in the (Covid-19) pandemic and the uncertainty surrounding the fiscal stimulus in the United States, the broader range of 1850 to 1940 dollars remains the same."

The risk appetite was hit by news of a halt in major trials for a "Covid-19" vaccine, as well as stagnation in stimulus talks in the United States, which supported the dollar and curbed the gains of the precious metal.

As for the other precious metals, silver fell 0.1% to $ 24.14, while platinum rose 1.1% to $ 874.06 and palladium profit 1.6% to $ 2351.95.

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