Gold Rises as Dollar Rally Stops

Gold rose today, Wednesday, as the dollar and US Treasury yields declined, while the prospect of a massive financial stimulus in the United States boosted the appetite for the yellow metal as a hedge against inflation.

Spot gold rose 0.1% to $1,857 an ounce, while US gold futures gained 0.8% to $ 1,859.

Silver fell 0.4% to $25.48 an ounce, platinum fell 0.1% to $1,074, and palladium fell 0.2% to $2,386.

Gold has received more support from a plan by the US President-elect, Joe Biden to inject “trillions” of dollars in measures to mitigate the repercussions in the economy affected by the Coronavirus. The plan will be revealed tomorrow, Thursday.