Gold prices moved higher on Wednesday, lifting the most active gold futures contract to a 2-month closing high.

The demand for the safe-haven asset increased as surging coronavirus cases in several countries raised concerns about the pace of economic recovery.

The dollar index, which rose to 91.43 in early New York session, slid to 91.09 by noon, supporting gold’s uptick.

Gold futures for June ended higher by $14.70 or about 0.8% at $1,793.10 an ounce, the highest settlement since February 24.

Silver futures for May ended up $0.730 at $26.570 an ounce, while Copper futures for May settled at $4.2790 per pound, gaining $0.0660.

Investors now await the European Central Bank meeting on Thursday for further clarity about stimulus plans for the bloc.

A U.S. Federal Reserve policy meeting is due next week, with policymakers expected to stick with the super-easy monetary policy despite progress on the economy.

Fed Chair Jerome Powell said recently that a coming upswing in inflation readings is likely to be transitory and won’t cause the U.S. central bank to change its monetary policy.

The material has been provided by InstaForex Company – www.instaforex.com

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