Commodity News
HeadLine : Gold Near 2-Week High on Biden Stimulus Push
Date : Jan 21 2021
Gold prices hit near two-week highs on Wednesday on stimulus plans anticipated from the Joe Biden administration and a broad commodities rally spurred by the inauguration of the 46th U.S. president. Money also flowed into the yellow metal and other haven portfolios as the dollar stalled for a third straight day, unable to advance after a rally over the past two weeks with few breaks that propelled the Dollar Index — that pits the greenback against six competing currencies — to above the key 90 level. Part of the inflow into gold came from funds exiting bitcoin as the cryptocurrency space shuddered again at the thought of regulation — something Biden’s Treasury Secretary pick, Janet Yellen, invoked during the Senate hearing held on Tuesday to confirm her nomination. Gold for February delivery on New York’s Comex settled up $26.30, or 1.4%, at $1,866.50 per ounce. It ran up to as high as $1,870.25 during the day, cracking the key $1,868 level that had proven a stubborn resistance on multiple occasions over the past five months since gold came off the August record highs of almost $2,090. Even with the latest pop, there’s no certainty that gold is about to enter a one-way trade as bond yields could rip higher again in a market riding more on irrationality than convention.

Source: Investing.com
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