Open Demo Account
Home / Market Update / Commodities / Gold Settles Higher on Promises for Increased Stimulus Spending

Gold Settles Higher on Promises for Increased Stimulus Spending

M. Ali 20 January, 2021 12:33 am Commodities, Market Update

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.

Tags

Check Also

Global Markets Shaken by UK Economic Woes and Trump’s Tariff Threats

The British economy is facing turbulent times as the latest GDP figures reveal a second …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends