Jan. 6 (Reuters) – Gold held near its highest level in nearly two months on Wednesday, supported by a weaker dollar as investors awaited a verdict in the Georgia Senate runoff.
rose 0.1% to $ 1,951.31 an ounce by 0835 GMT after hitting an almost two-month high of $ 1,954.97 at the start of the session. US.
GCv1 was down 0.1% to $ 1,952.80.
« The market is very responsive to the polls and liquidity is pretty low. (But) it will see the price of gold fall regardless of who wins since the general view is the reflation trade right now, « said Stephen Innes, chief strategist, Axi Global Market.
The US dollar slipped as the Democrats took the lead in the runoff elections that control the US Senate and potentially pave the way for major expense management under President-elect Joe Biden. US DOLLARS /
Gold bars tend to benefit from widespread stimulus measures as investors see this as a hedge against possible inflation that could result from stimulus measures.
Limiting gold gains and returns for 10-year US dollars Government bonds
US10YT = RR
reached its highest level since March. US /
« We remain positive on gold. The macro backdrop that supported gold last year extends into this year, and key drivers such as portfolio diversification in gold should be extended this year so that prices continue to be supported, « said UBS strategist Joni Said Teves.
Investors will obtain further information from the minutes of the US Federal Reserve’s meeting on December 15-16, due around 1900 GMT is.
The Fed could decide to provide further monetary policy stimulus once it has a clearer picture of the makeup of the US Congress, said Howie Lee, an economist at OCBC Bank.
shed 0.1% to $ 27.55 an ounce. platinum
fell 0.8% to $ 1,102.48 while palladium
rose 0.1% to $ 2,469.18.
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