Gold prices stabilize on the international market at 1,882 USD per ounce
Gold prices have stabilized and most base metals were higher in enlightened trading during the holidays, with investors assessing the latest developments in a covid-19 relief plan in the United States and announcing final of a post-Brexit trade agreement.
Spot gold edged up 0.3% to $ 1,879.40 an ounce, while US gold futures rose 0.2% to $ 1,882.70 an ounce .
On Thursday, the UK and the European Union finalized their landmark post-Brexit trade deal, avoiding the threat of an acrimonious breakup.
Meanwhile, House Republicans have blocked Democrats’ attempt to respond to President Donald Trump’s demand to pay most Americans $ 2,000 to help weather the coronavirus pandemic. Democrats will try again with a recorded vote on a new bill next week.
“Gold prices are benefiting from a breakthrough in a Brexit trade deal that paved the way for a weaker dollar,” said Edward Moya, senior market analyst at Oanda Corp.
Gold’s next move will depend on how the fiscal stimulus situation in the United States is resolved. next week, said Jeffrey Halley, another senior market analyst at Oanda.
Investors are looking beyond Trump’s demand to modify relief from the US pandemic, expecting stimulus spending to kick in sooner or later.
Bullion, widely regarded as a hedge against inflation, has risen by around 25% so far this year as part of the massive stimulus triggered around the world. This puts the precious metal on track for its biggest annual gain in a decade.
