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Prices continued to rise and fall by more than $ 20 on Dec. 28, due to a weak dollar, a soaring stock market, and Trump’s signing of the bailout bill.
As we closed the session on December 28, each ounce of global spot gold rose by $ 2 to $ 1,872. At the start of the session, prices spiked to more than $ 20, reaching $ 1,900 an ounce when US President Donald Trump signed the Covid-19 bailout bill and the long-awaited COVID-19 bill. $ 2.3 billion budget.
The market then continued to rise or fall with a breadth of more than $ 20 several times as the US dollar rallied and global stocks continued to rise. As of this morning, the current price rose to $ 1,876 an ounce.
Gold price volatility on December 28.
“We are entering the holiday season at the end of the year. There are not many factors that can move the market at the moment,” said Daniel Pavilonis, market strategist at RJO Futures. The dollar school. But in the end, gold will continue to rise. “
The dollar index rallied yesterday after bottoming out a week earlier, making gold more expensive than holders of other currencies. The US budget and bailout bill will also return unemployment benefits to millions of people, while also preventing the US government from partially shutting down.
“The approved stimulus will increase the risk of inflation, thereby supporting gold going forward. You should buy gold in times of this decline,” said Michael Matousek, chief operating officer of US Global Investors. concentration. Since the beginning of the year, precious metals have risen by more than 23%, due to the unprecedented stimulus from countries to tackle Covid-19.
Ha Thu (Theo Reuters, Kitco)
