Gold falls on profit taking And stimulus bets hold back losses Market talk


Gold prices fell on Thursday, January 21, from a two-week high, as investors sold to take profits after a rise in the previous session, while expectations for more stimulus and the dollar fell from losses.

By 1742 GMT, spot gold fell 0.4% to $ 1864.09 an ounce, after hitting its highest level since January 8th at $ 1874.86 earlier in the session.

Gold was up 1.7% on Wednesday.

US gold futures fell 0.2% to $ 1862.80 an ounce.

On the other hand, Joe Biden was sworn in as US president on Wednesday, as markets focus on his proposed $ 1.9 trillion stimulus package, which would require approval from a divided Congress.

Gold is considered a hedge against inflation that may result from stimulus measures to mitigate the repercussions of the Corona pandemic.

On the other hand, the dollar fell to a week’s low against competing currencies, making gold denominated in the US currency less expensive for investors holding other currencies.

Meanwhile, the number of Americans filing for new applications for unemployment benefits decreased slightly last week.

As for the other precious metals, spot silver fell 0.2% to $ 25.75 an ounce. Platinum rose 0.9% to 1119.43 dollars an ounce.

Palladium fell 0.2% to $ 2,367.82 an ounce.


Please enter your comment!
Please enter your name here