Gold rises near the height of 9 years thanks to bets on stimulus


Sharjah 24 – Reuters:

Gold rose and maintained its rise, Tuesday, in spot transactions 0.2% to 1818.23 dollars an ounce, at 05:10 GMT, after reaching its highest level since September 2011 yesterday, Monday, and US gold futures rose 0.2% to 1821.10 dollars.

Stephen Ines, head of market strategies at Axi Corp Financial Services, said that it is motivation that drives the gold market and we will get more from it. It is the gravitational factor that is driving sentiment up today.

Gold tends to benefit from widespread stimulus, as the yellow metal is generally considered a hedge in the face of high prices and a drop in currencies, but analysts are divided over inflation expectations.

European Union leaders reached agreement on a massive stimulus plan for their economies that the Coruna virus was hit by after a difficult summit that spanned the night and its fifth day.

Also in the United States, Republicans in Congress have announced plans to request an additional $ 1 trillion in economic aid.

In addition to stimulus, the growing hopes for vaccines for “Covid 19” reinforce high-risk assets, limiting the progress of gold.

Regarding other precious metals, silver jumped 1.6% to $ 20.22, its highest level since August 2016.

Palladium fell 0.3% to $ 2049.26 an ounce, while platinum rose 0.1% to $ 844.25.


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