Sat. Mar 6th, 2021

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Oil soars as dollar weakens

1 min read

Gold

Gold prices rose on Tuesday as the dollar eased, while investors kept a close watch on a U.S. Senate vote on increased pandemic aid checks to individuals.

Spot gold rose 0.5% to $1,880.06 per ounce by 0108 GMT, after closing slightly lower in the last session. On Monday, the metal had climbed as much 1.3% after the passage of a near $900 billion U.S. stimulus package.

U.S. gold futures were up 0.1% to $1,882.20.

Against a basket of currencies, the dollar dipped, raising gold’s appeal to other currency holders.

Gold, seen as a hedge against inflation, has gained more than 24% this year, largely driven by a raft of stimulus measures unleashed to mitigate the impact of the pandemic.

Hedge funds and money managers raised bullish positions in COMEX gold and silver contracts in the week to Dec. 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday.

Holdings in SPDR’s Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.2% to 1,169.86 tonnes on Monday from 1,167.53 tonnes on Thursday.

China’s net gold imports via Hong Kong rebounded about 82% in November after a plunge in October, Hong Kong Census and Statistics Department data showed on Monday.

Silver rose 1.3% to $26.50 an ounce. Platinum climbed 0.7% to $1,038.46 and palladium gained 0.8% to $2,342.79.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.