• 826 days Will The ECB Continue To Hike Rates?
  • 826 days Forbes: Aramco Remains Largest Company In The Middle East
  • 828 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,228 days Could Crypto Overtake Traditional Investment?
  • 1,233 days Americans Still Quitting Jobs At Record Pace
  • 1,235 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,238 days Is The Dollar Too Strong?
  • 1,238 days Big Tech Disappoints Investors on Earnings Calls
  • 1,239 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,241 days China Is Quietly Trying To Distance Itself From Russia
  • 1,241 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,245 days Crypto Investors Won Big In 2021
  • 1,245 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,246 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,248 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,249 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,252 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,253 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,253 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,255 days Are NFTs About To Take Over Gaming?
Gold Inches Closer To $2,000

Gold Inches Closer To $2,000

Gold prices advanced higher on…

Is A Massive Gold Rally On The Horizon?

Is A Massive Gold Rally On The Horizon?

Gold prices have fallen from…

The Gold Rally Has Finally Run Out Of Steam

The Gold Rally Has Finally Run Out Of Steam

This year has been incredible…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

Gold Slips Following Stimulus Announcement

Gold Prices

Gold prices retreated on Monday following US President Donald Trump’s signing of a long-awaited pandemic aid bill, which pushed bullion to a one-week high earlier.

Spot gold was down 1.6% to $1,877.11 per ounce by 12:25 p.m. EST after rising over $1,900 per ounce during Asian trading hours. US gold futures slipped 0.1% to $1,881.50 on the Comex.

Meanwhile, the dollar index pared loss after falling by 0.2% to a one-week low earlier, which took away bullion’s appeal for other currency holders.

On Sunday, President Trump signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans. Related: Cobalt Squeeze Threatens The Electric Vehicle Boom

“Even without extra stimulus, gold could climb higher … Trump’s signature (on the stimulus bill) was the last major risk point to the bull market,” said Jeffrey Halley, a senior market analyst at OANDA.

Bullion, considered a hedge against inflation, has risen about 24% so far this year amid the unprecedented stimulus unleashed globally.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment