[Follow_Wine] Gold rose today, as the weakness of the dollar and hopes for more monetary stimulus in the United States to ease the economy affected by the pandemic, and optimism about the possibility of distributing the Corona vaccine in 2021.

Spot gold rose 0.2 percent to $ 1873.51 an ounce, by 05:10 GMT, and there was little change in US gold futures, as it traded at $ 1871.70 an ounce.

US Treasury Secretary Stephen Mnuchin reassured markets last Friday that the Federal Reserve and Treasury Department have many tools left to support the economy, after it decided to withdraw funds from a number of lending programs at the US Central Bank by the end of the year.

Michael McCarthy, chief strategist at CMC Markets, said: “Ironically, the failure to provide a financial package supports gold,” indicating that there may be more reliance on the US central bank’s support, which will likely be in the form of liquidity and lower prices. Interest as a result.

Gold that yields no return is considered a hedge against the inflation that usually results from stimulus measures.

The yellow metal also received support from the dollar’s ​​decline, which reduces the cost of buying gold for holders of the rest of the currencies.

News Source:
http://www.alliraqnews.com/