Gold prices finally stopped showing a negative trend and moved to growth on Thursday morning. The precious metal was supported by the US dollar, which in turn began to decline. The USD has already reached the minimum value of its rate in relation to the main currencies of the world, which has not happened for almost two years. This means that there is definitely one heavy argument for increasing the value of gold.

The price of gold futures contracts for December delivery on the electronic trading platform in New York rose by 0.16% or $2.85. Its current level has moved to $1,808.4 per troy ounce, which gives hope that the fall will not take place below the psychologically and strategically important threshold of $1,800 per troy ounce. The metal's support level was around $1,797.1 per troy ounce by morning, while the resistance level was $1,875 per troy ounce.

Silver futures contracts for December delivery also went up by 0.33%, which allowed it to reach the level of $23.44 per troy ounce.

The main driver of the precious metals market on Thursday is the US dollar, which again began to experience difficulties against the background of stabilization of the country's political sector. In particular, the dollar index against a basket of six major currencies fell below 92 points for the first time in two years. Of course, gold quickly took advantage of the situation to begin to recover its positions, which were lost over the past week. The decline in the dollar has led to the fact that the precious metal has become cheaper for foreign investors holding other currencies.

Recall that gold was seriously affected by the positive news about the release of a vaccine against coronavirus infection. Moreover, the correction that at first seemed temporary quickly turned into a noticeable and rapid reduction, which was not expected to end if it were not for the serious weakening of the US dollar. Gold could not survive the news about the vaccine without significant losses.

However, there are a number of experts who believe that such pressure on the precious metal will soon end, along with the optimism that market participants feel about the possible release of the vaccine for widespread use. First of all, it won't happen in the next couple of months. Secondly, vaccination will be slow due to the fact that the drug is produced in batches and distributed primarily in developed countries, and it will not immediately reach the rest of the world. Third, the economic situation in the world in general and in the United States, in particular, is not at all positive. The crisis caused by the coronavirus pandemic is still far from over as it gradually worsens due to outbreaks that continue to be recorded. Thus, even if the drop in the value of the precious metal is now quite noticeable, but in the medium and long term, the gold market has almost no problems.

An indirect signal that the precious metals market will soon get rid of most of the problems was the news about the possible appointment of Janet Yellen as the new US Treasury Secretary. Recall that Yellen has always been an ardent fan of stimulating the economy, which suggests that the program of financial incentives will be adopted with a high probability. Moreover, it is likely to struggle to significantly expand it to include support for a wider range of sectors. Of course, in such a situation, gold will be the best insurance against a potential sharp jump in inflation, which will be inevitable.

The price of copper futures for December delivery is also moving up by 0.6%, which sent it to its current value of $3.3360 per pound.