Gold prices rose today, Tuesday, supported by growing expectations that US lawmakers agree on new stimulus to ease the repercussions of “Corona”, which strengthened the metal’s lure as a hedge against inflation.
The spot price of gold rose 0.05% to 1913.76 dollars an ounce, after reaching its highest level in nearly two weeks on Monday at 1918.36 dollars. And US gold futures fell 0.06% to $ 1919.
David Major, director of metals trading at High Ridge Futures, said: The cornerstone of supporting this gold market remains optimism regarding an additional new stimulus package to counter the Coronavirus.
Gold usually benefits from large-scale stimulus measures taken by central banks, as it is viewed as a hedge against inflation and a devaluation of the currency.
In other precious metals, silver lost 1.19% to record 24.06 dollars an ounce, platinum fell 2.15% to 877.67 dollars, while palladium rose 0.1% to 2364.49 dollars an ounce.
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