Gold Rises as US Dollar Weakens And Focus on Biden’s Stimulus Plan

Gold prices rose in light of the continuing pressures on the dollar, as investors follow the massive stimulus package announced by US President Joe Biden’s administration.

Spot gold rose 0.2% to $ 1855.40 an ounce during the session. And US gold futures fell 0.1% at about $ 1855.

The US Federal Reserve’s two-day policy meeting is set to begin Tuesday.

The Biden administration stressed the urgency of proposing financial aid to mitigate the impact of the pandemic, worth about $2 trillion while trying to calm Republicans’ fears of the exorbitant cost of this package.

The dollar settled near its lowest level in one week, which reduces the cost of gold to holders of other currencies.

As for the other precious metals, silver rose 0.8% to $ 25.6 an ounce.

Platinum also rose 0.3% to $ 1,101.6, and palladium 0.2% to $ 2,358.2.