Gold Holds Gains With Powell’s Testimony, Stimulus in Focus By Bloomberg

© Reuters. Gold Holds Gains With Powell’s Testimony, Stimulus in Focus

(Bloomberg) — Gold steadied after advancing for two days as investors awaited testimony from Federal Reserve Chair Jerome Powell, and weighed the prospect of a large U.S. stimulus package moving closer to approval.

Powell’s semi-annual report at the Senate Banking Committee Tuesday and the next day at the House Financial Services panel will be monitored for further policy guidance and his assessment of the recovery. Meanwhile, the House Budget Committee advanced President Joe Biden’s $1.9 trillion pandemic-relief legislation, setting it up to pass the lower chamber by the end of this week.

Bullion is rebounding after a 2.2% drop last week as traders refocus on rising inflation expectations and the potentially massive economic stimulus. Gold’s gains on Friday and Monday came even as benchmark Treasury yields rose to a one-year high, diluting the appeal of the non-interest-bearing asset. Holdings in bullion-backed exchange-traded funds have also seen steady outflows.

was little changed at $1,807.24 an ounce by 9:07 a.m. in Singapore, after rising 1.9% over two days. Silver, platinum and palladium all fell. The Bloomberg Dollar Spot Index was flat after dropping for a third day Monday.

©2021 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

Your Donation

Source link

Back to top button