Gold prices gain as President Trump threatens the US stimulus package
- 23 Dec 2020
Gulf Today Report
Gold prices advanced on Wednesday as dollar weakens overshadowing concerns surrounding US stimulus deal following President Donald Trump threatening to not sign it.
Spot gold rose 0.3% to $1,865.01 per ounce by 03:33 GMT while US gold futures were steady at $1,869.80.
The dollar declined by 0.1% against other currencies giving way for an increase in gold appeal.
Gold is likely to remain the same in the coming week as the market suffers a lot of pandemic uncertainties, said Michael Langford, director at corporate advisory AirGuide.
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"The next move for fund managers is probably to de-risk ... I think we'll see greater flows towards gold exchange-traded funds as they take some risk off the table," Langford added.
Gold has gained by 22.9% this year gaining from the large stimulus injected into economies.
If the current trend is upheld, gold is likely able to push for $2,000 in 2021 said IG Market analyst Kyle Rodda.
Silver rose 0.8% to $25.31 an ounce. Platinum rose 0.1% to $1,002.86 and palladium gained 0.2% to $2,318.23.