Gold rises as the rise of the dollar stops – Economy – Arab and International


Gold rose today, as the dollar and US Treasury yields fell, while the prospect of a massive fiscal stimulus in the United States boosted the appetite for the yellow metal as a hedge against inflation.

Spot gold rose 0.1% to 1857.76 dollars an ounce by 0537 GMT, while US gold futures gained 0.8% to 1859.20 dollars.

“The big picture is still very positive for gold, and in light of the real returns are still low and the dollar continues its downward path with the progress of the year, gold remains an attractive proposition,” said an analyst at IG Market, Kyle Roda.

He added, “But I would not be surprised if we saw some dips or a short-term downward trend in gold with the balance of the dollar market.”

And the yields of record US Treasury bonds for 10 years from the highest level in 10 months, and pushed the dollar down and reduced the cost of gold for holders of the rest of the currencies.

Gold has received more support from a plan by US President-elect Joe Biden to inject “trillions” of dollars in measures to mitigate the repercussions in the economy affected by the “Corona” virus. The plan will be unveiled on Thursday.

As for the other precious metals, silver fell 0.4% to $ 25.48 an ounce, platinum fell 0.1% to $ 1074.55, and palladium fell 0.2% to $ 2386.72.

Google Newsstand

Follow our latest local and sports news, and the latest political and economic developments via Google news




Please enter your comment!
Please enter your name here