Prices for gold rose on Friday as U.S. President-elect Joe Biden unveiled a massive stimulus plan, while U.S. Federal Reserve Chair Jerome Powell’s commitment to keep monetary policy dovish further boosted the appeal of the shiny yellow metal.
Spot gold rose 0.2% to $1,850.36 U.S. per ounce, while U.S. gold futures were flat at $1,852.20.
Biden unveiled a $1.9-trillion stimulus package proposal on Thursday designed to jump-start the economy and speed up the U.S. response to the coronavirus pandemic.
With the U.S. economy still far from its inflation and employment goals, Powell says it is too early for the Federal Reserve to discuss changing its monthly bond purchases.
The number of Americans filing first-time applications for unemployment benefits surged last week, confirming a weakening in labour market conditions with a worsening COVID-19 pandemic.
America will be in uncharted territory when the U.S. Senate meets as soon as next week for the second impeachment trial of Donald Trump, after the House of Representatives impeached Trump on Wednesday on charges of incitement one week after his supporters rampaged in the Capitol.
In other metals, silver rose 0.5% to $25.65 U.S. an ounce. Platinum eased 0.2% to $1,116.52 U.S., while palladium shed 0.1% to $2,406.99 U.S.
