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.
Spot gold
XAU =
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.
Gold futures
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.
silver
XAG =
shed 0.1% to $ 27.55 an ounce. platinum
XPT =
fell 0.8% to $ 1,102.48 while palladium
XPD =
rose 0.1% to $ 2,469.18.
We encourage you to use comments to connect with users, share your perspective, and ask questions of authors and each other. However, in order to maintain the high level of discourse that we all appreciate and expect, please note the following criteria:
Offenders of spam or abuse will be deleted from the website and, at Investing.com’s discretion, excluded from future registration.
Drop here or a picture
Upload from your computer
Supported formats: * .jpg, * .png, * .gif up to 5 MB
Disclosure of Risks: Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible. Margin Forex trading carries a high level of risk and is not suitable for all investors. Trading or investing in cryptocurrencies carries potential risks. Cryptocurrency prices are extremely volatile and can be influenced by external factors such as financial, regulatory or political events. Cryptocurrencies are not suitable for all investors. Before deciding to trade forex or other financial instruments or cryptocurrencies, you should carefully weigh your investment goals, experience, and risk appetite. Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) as well as forex and cryptocurrency prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data. Fusion Media may be compensated by the advertisers who appear on the site based on your interaction with the advertisements or advertisers
Ref: https://in.investing.com
