Tue. Jan 31st, 2023

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Gold prices nearly a week high

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Gold bars

Gold held firm near a one-week high on Thursday as progress on a U.S. fiscal stimulus deal weighed on the dollar, while a pledge by the Federal Reserve to keep rates low until an economic recovery is secure lent further support.

Spot gold was little changed at $1,863.89 per ounce by 0342 GMT, having hit a one-week high of $1,867.19 earlier in the session. U.S. gold futures rose 0.5% to $1,868.20.

U.S. lawmakers inching closer to agreement on a fiscal stimulus is supporting gold but markets are likely to be disappointed by the package size and it is unlikely to reverse gold’s downward trend seen over the past few months, said DailyFx currency strategist Ilya Spivak.

“Brexit will sketch the course for gold in the coming days and once that happens we will see funds flowing back to (gold) exchange traded funds again,” said Brian Lan, managing director at GoldSilver Central.

Silver fell 0.4% to $25.25 an ounce. Platinum rose 0.3% to $1,036.94 and palladium gained 0.1% to $2,329.30.

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