Gold increases as US stimulus lower the dollar
- Date: 17-Dec-2020
- Source: Gulf Today
- Sector:Financial Markets
- Country:Middle East
Gold increases as US stimulus lower the dollar
Picture used for illustrative purpose. File
Gulf Today Report
Gold prices jumped on Thursday as US fiscal stimulus progresses, and Federal Reserve pledge to retain low rates.
Spot gold rose 0.3% to $1,869.36 per ounce by 06:00 GMT, having hit a one-week high of $1,870.11 earlier in the session.
US gold futures increased 0.7% at $1,871.60. The upcoming fiscal stimulus is likely to support gold although it is not what the market expected and might not reverse gold's downward trend, said DailyFx currency strategist Ilya Spivak.
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