Gold prices fall on the market after the signing of the economic recovery project in the United States
Gold prices retreated on Monday after US President Donald Trump signed a long-awaited pandemic aid bill, which pushed bullion to a peak a week earlier.
Spot gold was down 1.6% to $ 1,877.11 an ounce after rising more than $ 1,900 an ounce during trading hours in Asia. US gold futures slipped 0.1% to $ 1,881.50 on Comex.
Meanwhile, the dollar index trimmed losses after falling 0.2% to a week-low low, which outweighed bullion’s appeal to other currency holders.
President Trump passed a $ 2.3 trillion pandemic aid and spending law on Sunday, restoring unemployment benefits to millions of Americans.
“Even without additional stimulus, gold could climb higher … Trump’s signing (on the stimulus bill) was the last major point of risk for the bull market,” said Jeffrey Halley, senior market analyst at OANDA.
Bullion, seen as a hedge against inflation, has risen around 24% so far this year amid the unprecedented global stimulus.
