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Gold rises against faltering dollar ahead of U.S. Senate Stimulus vote

Category: Economy

Date: 2020-12-29T09:00:24+0000
Gold rises against faltering dollar ahead of U.S. Senate Stimulus vote

Shafaq News/ Gold prices edged up on Tuesday, helped by a softer dollar, as investors eyed a U.S. Senate vote on increased pandemic aid, although higher Asian stocks capped the gains.

Spot gold rose 0.4% to $1,877.66 per ounce by 06:58 GMT. The metal had climbed as much 1.3% on Monday after the passage of a near $900 billion U.S. stimulus package. U.S. gold futures were little changed at $1,880.90.

The dollar fell 0.2% against rivals, while Asian equities firmed with Japanese stocks hitting a 30-year high buoyed by optimism ahead of Tuesday’s U.S. Senate vote on $2,000 COVID-19 relief checks.

Gold, seen as a hedge against inflation, has gained more than 23% this year, largely driven by a raft of stimulus measures unleashed to mitigate the impact of the pandemic.

Silver fell 0.3% to $26.07 an ounce. Platinum rose 0.5% to $1,036.60 and palladium climbed 1.6% to $2,361.68.

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