Gold Closes at Two-Week High

Gold prices rose on Wednesday to close at their highest level in about two weeks, amid anticipation for increased stimulus spending in the United States by the new administration of President Joe Biden.

The rise of the yellow metal came as the U.S. Dollar (USD) declined, after shortly rising earlier today, with the greenback expected to see more depreciation on the back of the increased government spending and the easing policies by the Federal Reserve.

Gold futures for February delivery gained $26.30, or 1.4%, to close at the level of $1,866.50 per ounce, its best finishing level January 7.