2020.11.1609:45:00UTC+00Gold Inches Up On Weaker Dollar

Gold edged higher on Monday and the dollar fell against its major rivals as Asia-Pacific nations including China, Japan and South Korea on Sunday signed the world's largest regional free-trade agreement after eight years of negotiations.

Spot gold rose 0.3 percent to $1,892.05 per ounce, after having earlier hit its highest level since Nov. 9 at $1,898.81. U.S. gold futures were up 0.3 percent at $1,891.85.

The U.S. dollar weakened across the board as the establishment of a China-backed trade bloc and upbeat economic data from China and Japan bolstered investor sentiment.

China's factory output rose faster than expected in October and retail sales growth accelerated from the previous month, suggesting a broader economic recovery from the coronavirus pandemic.

Elsewhere, Japan's economy grew at the fastest pace on record in the third quarter, rebounding sharply from its biggest postwar slump.

The yellow metal is also benefiting from hopes of more stimulus in the wake of mounting coronavirus cases in many parts of the world.

As the number of coronavirus cases in the United States crossed the 11-million mark to reach yet another grim milestone, two of U.S. President-elect Joe Biden's coronavirus advisers said a national Covid-10 lockdown isn't on the agenda and that they favor targeted local measures to stem the pandemic.