Gold prices fall due to dollar rebounding

Gold prices fall due to dollar rebounding

The largest MSCI index of Asia-Pacific stocks outside of Japan fell 0.12%, falling from a high in the previous session.

Japanese shares lost 0.25% after a media report that the government will curb business hours in Tokyo and surrounding cities from Thursday.

A Democratic victory in both races could tip control of the Senate away from Republicans, but both contests are very tight and the results may not be immediately known, which could lead to a repeat of the chaotic vote re-counts after the US presidential election past year. USA gold futures climbed 2.2% to $1,936.30, a Reuters report said.

Sales of electric cars overtake petrol and diesel in Norway
New auto sales in the country past year were 141,412, of which 76,789 were fully electric. The figure is up from 42.4% in 2019 , according to the Norwegian Road Federation (OFV).

If truth is to be told, a dual victory in Georgia Senate runoffs would cement the President-elect Joe Biden's control in both houses of US Congress, which in effect would make it easier for a Biden Administration to push for a number of transmuting policy changes such as a reform of corporate tax-incentives adopted during the earlier days of Trump Administration, leading to a further freefall in greenback's valuation alongside an upswing in gold contracts' safe-haven appetite. "The reaction pattern is along the lines of what we were originally expecting if we had seen a Blue wave scenario in the original November (US presidential) election", said Saxo Bank's head of FX strategy John Hardy.

"2021 is off to a good start with crucial political and economic news for the markets to digest". Spot gold rose 0.1% to $1,951.31 per ounce by 0835 GMT, having hit a almost two-month peak of $1,954.97 earlier in the session. The undisputed highlight will be the result of the second round of Senate elections in Georgia, "wrote James Knightley, chief global economist at ING, in a research note". Nonetheless, it could be the excuse for short-term consolidation in risky markets after a strong post-election rally. Investors were also concerned about a new strain of COVID-19, which has been detected in the United States.

Gold prices hit a fresh two-month high on Wednesday as the dollar slid on growing expectations of a Democratic win in the U.S. Senate run-off election in Georgia, which would likely lead to additional fiscal stimulus. Major oil producers will meet later on Tuesday to decide on output levels for February after talks broke down the previous day.

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