And US Treasury Secretary Janet Yellen had said that if interest rates were to rise in the United States, it would be an added advantage.
“President Joe Biden’s $4 trillion spending proposal would be positive for the country, even if it causes interest rates to rise,” she added.
Investors are awaiting an acceleration in inflation in the United States, amid monitoring data on the consumer price index in the United States, which is expected to be released later this week.
Upon settlement, the price of gold futures contracts for August delivery rose 0.4%, or $6.80, to $1898.80 an ounce.
The dollar index, which measures the performance of the US currency against a basket of six major currencies, fell 0.2% to record 89.25 points at 8:50 pm Mecca time, after rising to the level of 90,301 points earlier in trading.