Thu. Dec 3rd, 2020

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Gold price remains under pressure

1 min read

Gold price continues to be volatile. The US Senate passes a $484 billion stimulus program for backing small businesses and hospitals in the pandemic.

At the same time, the collapse in crude oil futures suggest more historical events will occur this year amid the slowdown in global growth.

The Trump administration plans a three-phased approach to reopen the US. It hopes for a V-shaped comeback that may fuel a larger correction in gold as major central banks push monetary policy into uncharted territory.

Spot gold climbed 0.4% to $1,951.13 per ounce by 0125 GMT, having fallen to a one-week low in the previous session.

U.S. gold futures were up 0.6% at $1,960.80.

The dollar index was down 0.1% against its rivals, making gold more attractive for buyers holding other currencies.

The weekly jobless claims report from the U.S. Labor Department, the most timely data on the economy’s health, showed nearly 30 million people were on unemployment benefits at the end of August, laying bare the continuing economic and human devastation from the coronavirus crisis.

 

 

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