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Markets

Gold near 1-week high on growing prospects of US stimulus

  • Britain and the European Union have moved closer to sealing a new trade deal but it was still unclear if they would succeed, the bloc's chief executive said on Wednesday.
17 Dec, 2020

Gold prices steadied near a one-week high on Thursday, as investors cheered progress on a US fiscal stimulus deal, while the Federal Reserve's pledge to keep rates low until an economic recovery is secure added to the support.

FUNDAMENTALS

Spot gold was little changed at $1,864.36 per ounce by 0051 GMT, trading near a one-week high of $1,865.50 hit in the previous session.

US gold futures rose 0.5% to $1,867.80.

US congressional negotiators on Wednesday were "closing in on" a $900 billion COVID-19 aid bill, including $600 to $700 stimulus checks and extended unemployment benefits, as a Friday deadline loomed, lawmakers and aides said.

With interest rates likely to stay near zero for years to come, the Fed on Wednesday more explicitly promised to continue its bond-buying programme until "substantial further progress" in restoring full employment and hitting its 2% inflation target.

Adding to growing signs of a slowdown in the economic recovery, US retail sales fell more than expected in November.

Market participants now await the Bank of England's policy decision, due at 1200 GMT, where it is expected to refrain from further stimulus ahead of a possible no-deal Brexit that is likely to deepen the pandemic-ravaged economy's problems.

Gold is seen as a hedge against inflation and currency debasement.

Britain and the European Union have moved closer to sealing a new trade deal but it was still unclear if they would succeed, the bloc's chief executive said on Wednesday.

Silver dropped 0.3% to $25.27 an ounce and platinum fell 0.3% to $1,031.50, while palladium gained 0.3% to $2,333.83.

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