Gold Rising, Supported by US Dollar’s Decline and Hopes For Stimulus

Gold prices rose Thursday, December 24th, as the dollar fell and investors are betting on more stimulus in the United States, despite President Donald Trump’s threat not to sign a long-awaited aid package linked to the pandemic.

Spot gold rose 0.2% to $ 1875.20 an ounce by 07:22 GMT, after rising by up to 1% in the previous session. US gold futures rose 0.1% to $ 1880.

The euro and the pound sterling were supported by news that Britain and the European Union were on the verge of concluding a trade agreement, which pushed the dollar down. The metal, which is considered a safe haven, has also benefited from a faster-spreading strain of Corona virus that has caused sweeping lockdown measures in Britain.

The increased risks due to the new strain of the virus and the high number of infections in the United States caused investors optimism about the US stimulus package, even though Trump threatened not to approve the aid package of about $ 900 billion.

As for the other precious metals, silver rose 0.6% to $ 25.68 an ounce. And platinum gained 0.5% to record $ 1019.59, and palladium increased 0.1% to $ 2325.55.