Gold rose today, thanks to optimism about the possibility of US lawmakers reaching an agreement on an aid package for those affected by “Corona” before the presidential elections, which weakened the dollar and strengthened the temptation of the yellow metal as a hedge against inflation.
And gold rose in the spot market 0.5% to 1916.61 dollars an ounce by 05.50 GMT after it rose to its highest level in a week earlier in the session.
And gold increased in futures trading in the United States 0.2% to 1919.90 dollars.
The White House and Democratic members of Congress approached an agreement yesterday, while the US President, Donald Trump, expressed his willingness to accept a huge aid package despite the opposition of his Republican party.
The news boosted appetite for stocks and pushed the dollar to fall to its lowest level in a month.
Gold has moved in a narrow range near the psychologically important $ 1900 level in the past few sessions, as investors follow the developments of the US stimulus program.
But prices have increased by more than 26% since the beginning of the year thanks to global near zero interest rates and unprecedented stimulus programs to mitigate the economic shock due to the worsening of the pandemic, which increases the temptation of the precious metal that does not generate a return as a hedge against inflation and devaluation.
As for other precious metals, silver rose 1.2% to $ 24.94 an ounce, platinum rose 0.6% to $ 875.95, and palladium advanced 0.1% to $ 2,402.22.
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