Gold Settles Higher on Promises for Increased Stimulus Spending

Gold prices rose on Tuesday, recovering some its recent losses, as the U.S. Dollar (USD) turned to the negative territory ahead of the inauguration of the President-elect of the United States, Joe Biden.

The decline of the USD and the rise of the yellow metal are attributed to the expected surge in government stimulus spending, which was confirmed by the recent testimony by Biden’s pick for the Treasury Secretary and Former Chair of the Federal Reserve, Janet Yellen.

Gold futures for February delivery rose by $10.30, or 0.6%, to close at the level of $1,840.20 per ounce.