Gold Reaches Its Highest Level in a Week Due to Bets on US Stimulus And Anticipation of The Fed’s Decision

Gold prices rose on Wednesday, December 16th, to their highest level in a week, as the yellow metal was based on a rise in the previous session thanks to hopes for more US stimulus, while investors awaited the US Federal Reserve’s policy decision.

Spot gold rose 0.1% to $1854.51 an ounce by 05:37 GMT, after reaching its highest level since December 9 at $1858.13. And US gold futures rose 0.2% to $1859.60.

Investors are now awaiting the latest policy statement for this year by the US Federal Reserve, due to be released at 19:00 GMT, as the Council is expected to keep interest rates at zero.

Many analysts are expecting new guiding forecasts about how long the board will maintain its massive bond-buying program. But gold’s gains were curbed by what appeared to be preparedness for a Covid-19 vaccine developed by Moderna to receive regulatory approval in the United States this week, supporting Asian stocks.

Platinum, which is used in the automotive industry, rose 0.5% to $ 1041.35 an ounce, after hitting its highest level in more than a week at $ 1045 earlier in the session.
Silver rose 0.7% to $ 24.66 an ounce and palladium profit 0.7% to $ 2335.07.