Tue. Jan 31st, 2023

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XAUUSD prices higher

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Gold bars

Gold prices are higher on Friday as U.S. President-elect Joe Biden unveiled a massive stimulus plan, while U.S. Federal Reserve Chair Jerome Powell’s commitment to keep monetary policy dovish further boosted the metal’s appeal.

Spot gold rose 0.2% to $1,850.36 per ounce by 0042 GMT, while U.S. gold futures were flat at $1,852.20.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.9% to 1,161.00 tonnes on Thursday from 1,171.21 tonnes on Wednesday.

Silver rose 0.5% to $25.65 an ounce. Platinum eased 0.2% to $1,116.52, while palladium shed 0.1% to $2,406.99.

America will be in uncharted territory when the U.S. Senate meets as soon as next week for the second impeachment trial of Donald Trump, after the House of Representatives impeached Trump on Wednesday on charges of incitement one week after his supporters rampaged in the Capitol.

With the U.S. economy still far from its inflation and employment goals it is too early for the Federal Reserve to discuss changing its monthly bond purchases, Powell said on Thursday.

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