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Gold heads for best year in a decade with US dollar decline

Bloomberg
Bloomberg12/31/2020 06:59 PM GMT+08  • 2 min read
Gold heads for best year in a decade with US dollar decline
Gold is set for the biggest annual advance in a decade after a tumultuous year.
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Gold is set for the biggest annual advance in a decade after a tumultuous year, with gains this month aided by the dollar’s decline to the lowest level since April 2018.

Bullion hit a record in August as investors feared an unprecedented wave of stimulus by central banks and governments would lead to currency debasement and inflation. Holdings in bullion-backed exchange-traded funds set an all-time high in October.

While prices ebbed as the roll-out of vaccines injected optimism into financial markets, the dollar’s continued weakness has helped support gold into the year-end.

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