Gold prices rose today, Friday, as the appetite for the yellow metal was boosted as a tool to hedge against inflation, thanks to a large US package to mitigate the repercussions of Covid-19.
Spot gold rose 0.1 percent to $ 1848.75 an ounce, by 05:48 GMT, while US gold futures settled at $ 1,851 an ounce.
“The stimulus will be positive for the asset markets,” said Jeffrey Haley, chief market analyst at Oanda.
However, he said that the gold price movement is witnessing a state of stability and does not show any signs of an attempt to breach towards the upside.
US President-elect Joe Biden unveiled a proposed stimulus package worth $ 1.9 trillion on Thursday to stimulate the economy and speed up immunization operations with anti-Coronavirus vaccines.