Gold futures up 2.7% for biggest daily percentage rise since April

/ / News

Gold futures rallied on Monday, settling up by 2.7% to mark the largest daily increase since April. “In the short term, expect gold prices to rise because of the economic consequences of the recent aggressive rise of COVID infections, hospitalizations, and deaths as well as the new and apparently highly contagious strain of COVID,” said Ed Moy, former director of the U.S. Mint and chief strategist at gold seller Valaurum. “This will likely result in significantly increased economic stimulus in the United States, both monetary and fiscal, which in turn will put downward pressure on the [U.S. dollar] and push gold prices higher.” February gold rose $51.50, or 2.72%, to settle at $1,946.60 an ounce.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.