Gold prices rose to their highest levels in nearly a week today, Tuesday, in light of the decline in the dollar and growing hopes for a new financial stimulus to the US economy.
According to the “Reuters” news agency; By the time 1758 GMT, the spot price of gold was up 0.9 percent to $ 1896.96 an ounce, while US gold futures rose 1.1 percent to determine the settlement price at $ 1903.20.
“As our view of stimulus opportunities improves, we realize that there is a tendency to weaken the local currency, in this case weakening the dollar and supporting gold and silver,” said David Major, director of metals trading at High Ridge Futures.
He added that US Treasury Secretary Stephen Mnuchin and House Speaker Nancy Pelosi “are slowly approaching an agreement on the second stimulus plan, providing clear support.”
Pelosi said today that she hopes to reach an agreement on providing support in the face of the Corona virus crisis with the White House this week, after speaking to Mnuchin.
Silver rose 2.6 percent to $ 24.33 an ounce, platinum rose 1 percent to $ 887.73, and palladium advanced 2.5 percent to $ 2311.07 an ounce.
– –
