Gold, silver rise as govts prepare new lockdowns

Tuesday, 15. December 2020 11:05

Precious metals traded higher on Tuesday ahead of new coronavirus-related lockdown measures recently announced by several European countries. While strict lockdown has been applied in London over the most recent spike in COVID-19 cases, the Netherlands is set to enter a five-week nationwide lockdown tonight. Furthermore, Italy is also planning to tighten restrictions over the upcoming holiday season.

On the other hand, positive sentiment is pushed by the rollout of the COVID-19 vaccine jointly developed by Pfizer and BioNTech in the United States and the United Kingdom. However, the European Union is yet to approve the jab. According to the Spanish Health Ministry, the authorization might come before the end of the year.

Safe-haven assets gold and silver traded deep in the green territory. Spot gold climbed 1.00% to sell for $1,846.59 per ounce at 5:03 am ET, while silver surged 1.86% to go for $24.29 an ounce. A minute later, platinum advanced 1.24% to $1,021.83 and palladium rose 1.26% to $2,329.70.

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Breaking the News / ND