Gold prices advance on hope for US stimulus aid
- 29 Dec 2020
Gulf Today Report
Gold gained on Tuesday as investors hope for US Senate to agree on increasing the pandemic aid.
Spot gold rose 0.4% to $1,877.96 per ounce by 03:14 GMT, US gold futures fell 0.1% to $1,879.40.
On Monday, gold rose as much as 1.3% following President Trump's approval of the US stimulus package.
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Ilya Spivak, DailyFX currency strategist said, "while a weaker dollar has supported gold, the metal is going to have a hard time finding a supportive narrative given much of the good news - passing US stimulus, a Brexit deal - looks priced in while a resurgent pandemic may drive haven dollar buying."
Gold serves as a shield against inflation, it rose by more than 23% this year.
Silver rose 0.5% to $26.28 an ounce. Platinum climbed 0.8% to $1,039.66 and palladium was up 1.5% at $2,359.18.
