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Markets

Gold pares gains on dollar rebound, upbeat risk sentiment

  • Spot gold was little changed at $1,875.99 per ounce by 2:20 p.m. EST (1920 GMT). U.S. gold futures settled down 0.2pc at $1,880.40.
Published December 29, 2020

Gold prices pared gains in choppy trading on Monday as the dollar recovered and stock markets continued their rally, while U.S. President Donald Trump's signing of a long-awaited pandemic aid bill offered support.

Spot gold was little changed at $1,875.99 per ounce by 2:20 p.m. EST (1920 GMT). U.S. gold futures settled down 0.2pc at $1,880.40.

"We're going into the holidays. In reality it doesn't take much to move things right now," said Daniel Pavilonis, senior market strategist at RJO Futures.

"Maybe it's just the reverberation in the dollar market. Ultimately gold is going to continue to move higher."

The dollar index rebounded, after slipping to a one-week low earlier, making bullion expensive for other currency holders.

Trump on Sunday signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans.

"Another stimulus package being passed will be inflationary and boost gold in the future. You should really be buying gold on these pullbacks," said Michael Matousek, head trader at U.S. Global Investors.

Gold rose as much as 1.3pc to its highest since Dec. 21 at $1,900.04 during Asian trading hours but pared gains later in volatile trading due to the holidays.

Gold was dented by an upbeat risk sentiment, with Wall Street's main indexes touching record highs.

Bullion, considered a hedge against inflation, has still risen over 23pc so far this year amid the unprecedented stimulus unleashed globally.

Silver jumped 1.8pc to $26.32 an ounce, after hitting a one-week peak of $26.75 earlier.

Platinum climbed 1pc to $1,033.74 and palladium gained 0.6pc to $2,335.52, after rising to a peak since Nov. 11 at $2,470.43 earlier.

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