Sat. Jan 16th, 2021

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Gold is not shining

1 min read
Gold bars

Gold price down

Gold prices on Wednesday hovered near a one-week low hit in the previous session, after U.S. President Donald Trump halted new stimulus talks, bolstering the dollar.

Spot gold was flat at $1,877.15 per ounce by 0107 GMT. Prices fell 2% on Tuesday hitting a one-week low of $1,874.05.

U.S. gold futures were down 1.4% at $1,882.90.

The dollar index was up 0.2% against rivals.

Gold tends to benefit from widespread stimulus measures as it is widely viewed as a hedge against inflation and currency debasement.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.32% to 1,271.52 tonnes on Tuesday.

India’s gold imports in September fell 59% from a year earlier to the lowest level in four months, a government source said on Tuesday.

Silver rose 0.7% to $23.25 per ounce, platinum was up 1% at $856.51, while palladium dipped 0.1% to $2,339.81.

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