Gold reaches its highest level in two weeks due to the pressure of US stimulus hopes on the dollar

Gold rose today, Thursday, to its highest level in about two weeks, with the dollar retreating due to hopes for more stimulus after the new US administration headed by Joe Biden took power, although some profit-taking limited the gains of the precious metal.
By 0653 GMT, spot gold rose 0.1 percent to $ 1873.36 an ounce, after hitting its highest level since January 8th at $ 1874.50 an ounce earlier in the session. And gold gained 1.7 percent on Wednesday.
And gold futures rose 0.3 percent to 1871.70 dollars an ounce.
The Bank of Japan kept its monetary policy unchanged today, Thursday, and investors are now awaiting the European Central Bank’s monetary policy decision at 1245 GMT on Thursday.
The market is also focused on Biden’s $ 1.9 trillion stimulus plan; It is preparing to start dealing with the “Covid-19” pandemic, which has claimed the lives of nearly 400,000 Americans and turned the world’s largest economy on its head.
Gold is considered a hedge against inflation that may result from stimulus measures.
The dollar index fell 0.2 percent against competing currencies, and the yield on the benchmark ten-year US Treasury bonds also consolidated at less than the ten-month high it reached last week.
As for the other precious metals, silver increased 0.3 percent to $ 25.87 an ounce.
Platinum fell 0.1 percent to $ 1108.28 an ounce.
Palladium rose 0.4 percent to 2,381.15 dollars an ounce.

Source: Reuters


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