Producers of metals and other raw materials rallied as investors bet that a series of vaccine approvals would quash the pandemic and as the dollar continued to lose ground against other currencies.
The dollar slipped to a two-and-a-half year low against rivals, with an index of the greenback hitting its lowest mark since 2018. That buoyed the price of dollar-denominated commodities, and especially gold, a common hedge against dollar weakness.
Gold closed near $1900 an ounce, testing recent highs. Markets are set to finish the year with an accentuation of the broad trends in 2020, meaning weakness for the dollar, and strength for risky assets from tech stocks to grain futures.
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(END) Dow Jones Newswires