Commodity News
HeadLine : Gold recovers from 9-month low on U.S. stimulus cheer
Date : Mar 8 2021
Gold prices rose on Monday, recovering from a near nine-month low hit in the previous session, as a passage of the long awaited $1.9 trillion U.S. coronavirus relief package boosted the metal's appeal. Spot gold rose 0.3% to $1,705.62 per ounce, after hitting its lowest since June 8 at $1,686.40 on Friday. U.S. gold futures GCv1 climbed 0.3% to $1,703. The U.S. Senate on Saturday passed President Joe Biden's $1.9 trillion COVID-19 relief plan. Gold is viewed as a hedge against inflation, likely from extensive stimulus. Further supporting bullion, U.S. 10-year yields held below a one-year peak hit on Friday, while the dollar eased. U.S. central bankers on Friday signaled they do not plan to touch the dial on their super-easy policy for some time, expressing little concern over the rapid rise in U.S. Treasury yields in recent weeks. The U.S. economy created more jobs than expected in February as falling new COVID-19 infections and additional pandemic relief money from the government boosted hiring. Retail consumers in India continued to buy up physical gold last week as prices retreated to a near one-year low, while lower rates also injected fresh activity in other hubs, especially Singapore. 

Source : Investing

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