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Gold prices fell Thursday, January 14th, as US Treasury yields and the dollar rebounded, while investors awaited details about the next US President Joe Biden’s proposal to stimulate the economy.
In spot transactions, gold fell 0.1% to $ 1842.51 an ounce, while US gold futures fell 0.8% to $ 1839.80.
Reports said that Biden’s plan to provide aid to alleviate the repercussions of the Coronavirus, which is scheduled to be announced later today, is costing about two trillion dollars in the yield of the standard ten-year US Treasury bonds to rise near the highest level in ten months and helped to raise the dollar.
She added that gold will face difficulties at these price levels, as the stimulus affects it positively and negatively.
Investors will focus on getting more indications about the prospects for monetary policy in the United States when US Federal Reserve Chairman Jerome Powell participates in a hypothetical event by 17:30 GMT.
On Wednesday, the Federal Reserve said that the US economy is growing at a modest rate, but that optimism has diminished due to the increase in coronavirus infections.
As for the other precious metals, silver rose 0.4% to $ 25.24 an ounce. Platinum rose 0.6% to $ 1100.93, while palladium fell 0.1% to $ 2,382.33.
