2020.12.2417:04:00UTC+00Gold Futures Settle Modestly Higher

Gold prices edged higher on Thursday as the dollar stayed weak on positive developments on the Brexit front.

Hopes of additional stimulus in the U.S. boosted demand for the safe-have asset. Gold also found support from reports showing a rapid spread of a new coronavirus variant which is said to be 70% more transmissible

The dollar index, which eased to 90.15, recovered subsequently and was last seen at 90.31. It had settled at 90.41 on Wednesday.

Gold futures for February ended up $5.10 or about 0.3% at $1,883.20 an ounce. Gold futures shed 0.3% in the week.

Silver futures for March ended lower by $0.013 at $25.908 an ounce, while Copper futures for March settled at $3.5625 per pound, up $0.0065 from previous close.

The U.K. and the European Union have finally reached a post-Brexit trade agreement. The news of the agreement comes just a week before a December 31st deadline, offsetting recent concerns about a potential no-deal Brexit.

"It has been a long and winding road but we have got a good deal to show for it," said EU Commission President Ursula von der Leyen. "It is fair, it is a balanced deal and it is the right and responsible thing to do for both sides."