US cases of Covid-19 and hospitalisation rates continue to reach new highs following the Thanksgiving holiday last month. There were more than 3000 deaths from the virus in single 24-hour period, CNN reported on December 10.
Despite economic and health concerns, US stocks reached new record highs.
Meanwhile, the UK started its vaccination program on Tuesday, but British stocks remained flat.
Gold futures rose as high as $1879.80 an ounce at midweek, its highest level in three weeks.
Meanwhile the World Gold Council reports that in November gold-backed exchange-traded funds and similar products (gold ETFs) recorded their first net outflows in twelve months and second largest monthly outflows ever.
Gold ETF holdings decreased by 107 tonnes (during the month - US$6.8bn or 2.9% of assets under management (AUM) - as the gold price had its worst monthly move (-6.3%, $1763/oz) since November 2016, when it dipped 7.4%.
Despite lacklustre performance this month, net inflows of 916t ($50.3 billion) in 2020 remain well above the highest yearly amount on record, although below the record set last month (+1022t). Total global holdings are now at 3793t or $215 billion.