Gold prices rise on stimulus hope and dollar decline
- 10 Feb 2021
Gulf Today Report
Gold advanced on Wednesday as dollar weakens, hope for US stimulus boosted the metal’s appeal.
Spot gold rose 0.3% to $1,842.41 per ounce by 03:42 GMT while US gold futures gained 0.3% to $1,843.50.
The dollar declined to a near two-week low against other currencies. That has made gold affordable.
READ MORE
Shareholders urge multinational retailer to reveal healthy food targets to combat obesity
UAE's top bank predicts strong return to GDP growth in 2021
Masdar achieves first close on clean energy portfolio in US
Jeffrey Halley, a senior market analyst at OANDA said "with US yields holding steady, gold is moving inversely to the US dollar. That says to me this is not a gold story, rather it is a weak dollar story."
The US $1.9 trillion coronavirus relief bill will be passing through Congress soon.
"US inflation numbers are the key risk tonight," Halley said, adding a higher figure could cause a short-term spike in the US dollar and push gold lower."
