Gold prices surged, retreating from a 1-week low hit earlier in the session, boosted by renewed fears over economic recovery and uncertainty around the U.S. presidential election after President Donald Trump’s COVID-19 diagnosis.
Spot gold traded 0.6 percent up at $1,890.06 per ounce by 0744 GMT, having hit a low of $1872.89 earlier, its lowest since September 28. On Tuesday, the safe-haven metal rose to a high of $1921.27, but retraced to close nearly 1.85 percent lower at $1878.17. U.S. gold futures were down 0.8 percent at $1,893.85.