Saturday , January 23 2021

Gold rises as hopes for stimulus increase



Gold rises as hopes for stimulus increase

Reuters

Gold rises as hopes for stimulus increase

Gold prices rose today, supported by the dollar’s decline, as investors bet that US job data and an increase in Corona infections will drive authorities to announce more stimulus measures.

Spot gold rose 0.2 percent to $ 1809.61 an ounce at 5:31 GMT, and US gold futures rose 0.1 percent to $ 1807.80 an ounce.

“We noticed an improvement in risk appetite due to optimism about the vaccine, and this was a headwind for gold,” said Harshal Barrott, research consultant in South Asia at Metal Fox.

The dollar index fell 0.1 percent today, which strengthens the gold’s appeal to holders of other currencies. Gold is seen as a hedge against inflation, which is likely to be due to massive stimulus measures.

Among the other precious metals, silver rose 0.3 percent to $ 23.38 an ounce. Platinum rose 0.4 percent to $ 967.15 an ounce and palladium rose 1.2 percent to $ 2,368.68 an ounce.

Source: Reuters




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