AIRLINK 86.21 Decreased By ▼ -0.99 (-1.14%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.08 Decreased By ▼ -0.01 (-0.24%)
DFML 37.22 Decreased By ▼ -0.68 (-1.79%)
DGKC 91.20 Decreased By ▼ -2.68 (-2.85%)
FCCL 22.99 Decreased By ▼ -0.78 (-3.28%)
FFBL 33.74 Increased By ▲ 1.07 (3.28%)
FFL 9.19 Decreased By ▼ -0.06 (-0.65%)
GGL 10.05 Increased By ▲ 0.02 (0.2%)
HASCOL 6.25 Decreased By ▼ -0.29 (-4.43%)
HBL 126.25 Increased By ▲ 4.33 (3.55%)
HUBC 158.29 Increased By ▲ 12.64 (8.68%)
HUMNL 11.08 Increased By ▲ 0.58 (5.52%)
KEL 4.64 Decreased By ▼ -0.10 (-2.11%)
KOSM 4.09 Decreased By ▼ -0.10 (-2.39%)
MLCF 38.25 Decreased By ▼ -0.55 (-1.42%)
OGDC 133.40 Decreased By ▼ -1.61 (-1.19%)
PAEL 25.40 Increased By ▲ 0.32 (1.28%)
PIBTL 6.22 Decreased By ▼ -0.05 (-0.8%)
PPL 119.25 Decreased By ▼ -0.43 (-0.36%)
PRL 24.58 Increased By ▲ 0.48 (1.99%)
PTC 12.28 Increased By ▲ 0.06 (0.49%)
SEARL 59.32 Decreased By ▼ -0.48 (-0.8%)
SNGP 65.60 Increased By ▲ 0.60 (0.92%)
SSGC 9.87 Decreased By ▼ -0.18 (-1.79%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.49 Decreased By ▼ -0.25 (-2.57%)
TRG 63.80 Decreased By ▼ -0.50 (-0.78%)
UNITY 27.26 Increased By ▲ 0.21 (0.78%)
WTL 1.28 Decreased By ▼ -0.04 (-3.03%)
BR100 8,341 Increased By 31.1 (0.37%)
BR30 26,457 Increased By 506.8 (1.95%)
KSE100 78,810 Increased By 9 (0.01%)
KSE30 25,474 Increased By 35.6 (0.14%)
Markets

Gold edges up on Biden's stimulus proposal

  • Biden unveiled a $1.9 trillion stimulus package proposal on Thursday designed to jump-start the economy and speed up the US response to the coronavirus pandemic.
Published January 15, 2021

Gold rose on Friday as US President-elect Joe Biden unveiled a massive stimulus plan, while US Federal Reserve Chair Jerome Powell's commitment to keep monetary policy dovish further boosted the metal's appeal.

FUNDAMENTALS

Spot gold rose 0.2% to $1,850.36 per ounce by 0042 GMT, while US gold futures were flat at $1,852.20.

Biden unveiled a $1.9 trillion stimulus package proposal on Thursday designed to jump-start the economy and speed up the US response to the coronavirus pandemic.

With the US economy still far from its inflation and employment goals it is too early for the Federal Reserve to discuss changing its monthly bond purchases, Powell said on Thursday.

The number of Americans filing first-time applications for unemployment benefits surged last week, confirming a weakening in labor market conditions with a worsening COVID-19 pandemic.

Global coronavirus cases rose to more than 92.22 million.

America will be in uncharted territory when the US Senate meets as soon as next week for the second impeachment trial of Donald Trump, after the House of Representatives impeached Trump on Wednesday on charges of incitement one week after his supporters rampaged in the Capitol.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.9% to 1,161.00 tonnes on Thursday from 1,171.21 tonnes on Wednesday.

Silver rose 0.5% to $25.65 an ounce.

Platinum eased 0.2% to $1,116.52, while palladium shed 0.1% to $2,406.99.

Comments

Comments are closed.