Gold prices gain on US stimulus prospect
- Date: 15-Jan-2021
- Source: Gulf Today
- Sector:Economy
- Country:Middle East
Gold prices gain on US stimulus prospect
Picture used for illustrative purpose. File
Gulf Today Report
Gold advanced on Friday due to the prospect of the US pandemic relief uplifting gold's appeal as a shield against inflation.
Spot gold rose 0.1% to $1,848.75 per ounce while US gold futures were flat at $1,851.
Jeffrey Halley, a senior market analyst at OANDA said: "the stimulus is going to be bullish for asset markets and with the Fed chair quashing any prospects of raising interest rates or dialling down bond-buying anytime soon, gold is supported."
US President-elect Joe Biden announced a $1.9 trillion stimulus package proposal to aid the economy and hasten coronavirus vaccinations.
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