Gold Reaches Weekly High On US package Approval

Gold prices rose by up to 1.3% today, Monday, as investors welcomed the signing of US President Donald Trump’s long-awaited aid package for those affected by the pandemic, as well as additional support provided by the falling dollar.

With the close of the Japan Stock Exchange, the spot price of gold was up 0.7% to $ 1888.84 an ounce, after earlier hitting its highest level in a week at $1900.04.

US gold futures rose 0.5% to $ 1893.20.

On Sunday, Trump signed a total of $ 2.3 trillion in government aid and spending package, renewing unemployment benefits for millions of Americans and preventing a partial shutdown of the federal government.

“Even in the absence of additional stimulus, gold could have gone up … Trump’s signature (on the stimulus bill) was the last major risk point for the bull market,” said Jeffrey Haley, chief market analyst at Oanda.

Silver rose 2.2% to $ 26.42 an ounce, after hitting a one-week high of $26.75 earlier in the session. Platinum advanced 1 percent to $1,033.52, and palladium rose 0.2% to $ 2,353.84 an ounce.