• 650 days Will The ECB Continue To Hike Rates?
  • 651 days Forbes: Aramco Remains Largest Company In The Middle East
  • 652 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,052 days Could Crypto Overtake Traditional Investment?
  • 1,057 days Americans Still Quitting Jobs At Record Pace
  • 1,059 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,062 days Is The Dollar Too Strong?
  • 1,062 days Big Tech Disappoints Investors on Earnings Calls
  • 1,063 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,065 days China Is Quietly Trying To Distance Itself From Russia
  • 1,065 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,069 days Crypto Investors Won Big In 2021
  • 1,069 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,070 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,072 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,073 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,076 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,077 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,077 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,079 days Are NFTs About To Take Over Gaming?
Gold Bulls Are Facing An Uphill Battle

Gold Bulls Are Facing An Uphill Battle

Last year proved to be…

Is It Time To Pay Attention To Gold Miners?

Is It Time To Pay Attention To Gold Miners?

The invasion of Ukraine by…

Hawkish Fed Sends Gold Prices Crashing

Hawkish Fed Sends Gold Prices Crashing

The gold bulls are facing…

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