Gold edged higher on Thursday, heading for its best year in a decade, as a weaker U.S. dollar outweighed pressure from a top Republican lawmaker’s remark that a bill to increase U.S. pandemic aid checks was unlikely to get Senate approval soon.
Spot gold rose 0.1% to $1,894.66 U.S. per ounce early Thursday. U.S. gold futures climbed 0.3% to $1,899.10.
In a blow to U.S. President Donald Trump’s demand for an increase in coronavirus relief checks to $2,000, Republican Senate Majority leader Mitch McConnell refused a quick vote on the bill, saying it had "no realistic path to quickly pass the Senate."
Gold has risen more than 24% this year, its best since 2010, as unprecedented stimulus measures and low-interest rates to cushion economies from the pandemic’s blow boosted the non-yielding metal’s appeal as an inflation hedge and a safe haven.
Bolstering the metal’s appeal to other currency holders on Thursday, the dollar edged lower and hit its lowest since April 2018.
British MPs approved Prime Minister Boris Johnson’s post-Brexit trade deal with the European Union on Wednesday, as both sides looked to begin a new chapter of relations just days before their divorce becomes a reality.
Silver fell 0.3% to $26.54 U.S. an ounce. Platinum gained 0.1% to $1,066.91 U.S. and palladium was up 0.2% at $2,366.01 U.S.
