Tue. Jan 31st, 2023

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Gold signs by 1%

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Gold prices jumped 1% on Monday as the metal’s appeal as an inflation hedge was boosted by news that U.S. President Donald Trump had signed a long-awaited coronavirus relief aid bill.

Spot gold rose 1% to $1,895.03 per ounce by 0145 GMT. U.S. gold futures gained 0.8% to $1,899.10.

Trump on Sunday signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans and averting a partial federal government shutdown, officials said.

Gold has gained more than 24% this year, largely driven by its appeal as a hedge against inflation and currency debasement in the wake of unprecedented stimulus measures unveiled globally to mitigate the impact of the pandemic.

Further supporting the metal on Monday, the dollar edged lower against a basket of currencies, bolstering gold’s appeal to other currency holders.

Silver rose 3% to $26.63 an ounce. Platinum climbed 1.7% to $1,040.37 and palladium was up 0.5% at $2,360.79.

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