Sun. Jul 25th, 2021

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Gold is steady

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Gold price

Gold prices steadied in early trade on Thursday as a softer dollar and progress on another U.S. coronavirus relief package countered pressure from an upbeat U.S. private payrolls data.

Spot gold was steady at $1,884.67 per ounce by 0058 GMT.

U.S. gold futures were down 0.2% at $1,890.90.

The dollar index hovered around a one-week low hit in the previous session.

U.S. Treasury Secretary Steven Mnuchin on Wednesday said talks with House Speaker Nancy Pelosi made progress on Covid-19 relief legislation, and the House of Representatives postponed a vote on a $2.2 trillion Democratic plan to allow more time for a bipartisan deal to come together.

Gold, seen as a hedge against inflation and currency depreciation, has gained 24% so far this year, supported by monetary stimulus from major central banks and governments.

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