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Latest movements in the price of gold in the world
According to the Reuters, gold fell on Friday (December 18) after a 3-day rally due to the recovery of the dollar that eliminated the support of the hopes of a financial stimulus package from the United States.
In the closing session on December 18, spot gold fell 0.3% to $ 1,880 / ounce at 2:44 PM EST. The price of US gold futures decreased 0.1% to $ 1,888.
With COVID-19 infections returning to record levels in the US, lawmakers are under increasing pressure to pass a rescue package.
“Once the entire fiscal stimulus bill is passed, gold will increase significantly because it is a huge stimulus package,” said Jeffrey Sica, founder of investment brokerage firm Circle Squared Alternative Investments. .
Compared to the beginning of the week, the price of gold still rose by about 2.2% and is on track to rise for the third week in a row.
The US Federal Reserve (Fed) is committed to continuing to pump money into financial markets and to keep interest rates low until the US economy recovers safely.
“The main focus of the market is the expectation that parliament will reach a stimulus agreement,” said Edward Moya, senior market analyst at OANDA. The Fed will maintain its policy of easing and Congress will eventually pass some stimulus. The current unfolding of the pandemic will require further relief when the Biden administration takes over.
The USD index rebounded from a 2-year low, making gold more expensive for holders of other currencies.
In the other precious metals market, the price of silver in session 18/12 decreased 1% to 25.8 USD / ounce, but still increased 7.8% compared to the beginning of the week. Platinum is down 1.1% to $ 1,033, while palladium is up 1.2% to $ 2,369.
