A dollar at four-month lows helped gold prices tick up to nine-year highs on Wednesday morning in Asia.
Gold futures were up by 0.80% to $1,858.60. Gold is at nine-year highs, rising to levels it has not hit since September 2011.
Investors seem to be looking for a safe haven as the number of COVID-19 cases and deaths in the U.S. continues to climb, while the Congress struggles to agree on a new stimulus bill after the current one ends at the end of the month.
The U.S. dollar, is hovering around four-month lows, lending support to gold. The U.S. Dollar Index is at 95.09, down 0.03%. A weaker dollar makes gold cheaper in other currencies.
Continued turmoil in U.S.-China relations may also be supportive of gold. Relations took a turn for the worse this week after the U.S. Justice Department accused China on Tuesday of sponsoring hackers who are targeting labs developing COVID-19 vaccines on Tuesday.