Gold Rising as Dollar Retreats From Its Peak in a Month

Gold prices rose today, Tuesday, to rise from the one-and-a-half-month low they reached in the previous session, as the US dollar retreated, while the yellow metal, which is considered a safe haven, received support from the prospects of injecting more stimulus into the global economy.

Spot gold rose 0.1% to $ 1837.79 an ounce, recovering from its lowest level since December 2 at $1809.90, which it reached on Monday. And US gold futures won 0.5% to $ 1,839.40.

The dollar fell from its highest level in four weeks, which it reached in the previous session, before the testimony of the candidate for the position of US Treasury Secretary Janet Yellen before the Senate.

The US currency began the year by about 2% against major counterpart currencies, supported by the rise in US Treasury bond yields in response to US President-elect Joe Biden’s plan to mitigate the repercussions of the Corona pandemic, the size of $ 1.9 trillion.

The yield on the benchmark US 10-year Treasury was traded in a narrow range but held above 1%.

Investors are now looking forward to the next round of fiscal stimulus in the United States under the proposal of the US president-elect. Biden is slated to be inaugurated tomorrow, Wednesday.

Eurozone finance ministers also pledged continued financial support to their economies.

As for the other precious metals, silver fell 0.9% to $ 25.11 an ounce. Platinum rose 1.4% to $ 1093.93, while palladium rose 0.3% to $ 2,379.57.