Gold rises due to US stimulus expectations

Gold prices rose today, as the dollar retreated after US Treasury Secretary Janet Yellen stressed the need for a major stimulus to help the economy recover from the Coronavirus crisis.

Spot gold won 0.6 percent to $ 1850.66 an ounce, by 06:04 GMT. US gold futures added 0.5 percent to $ 1,850.

On Tuesday, Yellen urged policymakers to approve large spending on aid to mitigate the repercussions of the Corona pandemic, adding that the benefits will outweigh the costs of a larger debt burden.

US President Joe Biden’s $ 1.9 trillion stimulus package plan will be in focus after he is sworn in on Wednesday, while attention will also focus on the pace of distribution of vaccines against Covid-19, which has killed 400,000 in the country.