Gold holds steady after overnight gains amid weak Dollar

Gold remained mostly unchanged earlier on Thursday in Asia after it raked in substantial gains overnight amid a drop in the Dollar and stock market uncertainties.

Gold futures gained 0.06%, trading at $1,956 per ounce at 12:05 Am ET (05:05 AM GMT). The yellow metal rose from a low of $1,927.20 to an overnight high of $1,959.35, boosted by a significant jump in U.S. tech stocks.

Meanwhile, the Dollar took a dent after the European Central Bank (ECB) expressed confidence in the outlook of E.U.’s recovery from the COVID-19 pandemic. The ECB is expected to meet later in the day where the next policy move will be decided.

Gold, which is considered a safe haven asset, has seen record highs since the onset of the COVID-19 pandemic, with prices breaking past the $2,000 mark.