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Yellow Metal Reclaims $1,900

GOLD
Gold has gained to start 2021, benefitting from some headwinds to the greenback as the yellow metal reclaims the $1900 handle, gold last up $24.04 to $1922.74.
  • The U.S. Congress is set to confirm the election of Joe Biden for the next U.S. President this week. Outgoing Pres Trump reiterated his calls for a vote recount in Georgia, while a group of GOP Senators led by Ted Cruz signalled that they will object to the certification of Trump's election defeat. Most expect their initiative to fall flat. The political outlook in the U.S. will remain cloudy at least until after Tuesday's Georgia Senate runoff.
  • Aside from some lingering political uncertainty in the U.S., global coronavirus concerns are weighing on sentiment and helping boost gold.
  • The U.K. recorded another daily high in new Covid-19 cases, while PM Johnson warned that tougher restrictions might be imminent. Johnson told the BBC on Sunday that the gov't may have to keep schools shut. Opposition leader Starmer urged the PM to declare a nation-wide lockdown within 24h, while Scottish First Min Sturgeon said that the Scottish gov't will consider "further action" to contain the spread of the virus when it meets on Monday. Elsewhere Japan is considering imposing another state of emergency for 1 month from January 9 and the U.S. has seen a spike in cases after the New Year holiday.
  • There is some optimism around the vaccine after the announcement that the U.K. is poised to give the first shots of AstraZeneca's vaccine on Monday.
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