Business & Investment

Gold at the highest price in two months after Trump’s stimulus

Gold prices have reached their highest levels in the past seven weeks after US President Donald Trump signed an economic stimulus package. The plan includes injecting more than $ 900,000 into the US economy in response to the crisis caused by the pandemic.

Gold and silver prices have continued to rise for the fourth straight week, according to a Bloomberg report.

The company puts an end to the uncertainties unleashed in the last few weeks. The acting president has so far refused to sign the plan. He disagreed on the amount of aid for households.

Aid plans have caused a new collapse of the dollar. The dollar index, which compares the US currency with the euro, is British pound, Swiss francs, Swedish krona, Japanese yen and Canadian dollars are currently 89.94. After losing another 0.2%, it is approaching the 12-month low.

Uncertainty about economic stimulus is pushing up precious metal prices even further

This further contributes to pushing up gold and silver prices. Yellow Metal is about to register its first monthly reassessment since July last year.

In the next few months, gold lost some of its profits that year due to investors’ optimism about vaccines against the coronavirus pandemic.

In any case, so far in 2020, precious metal prices remain optimistic, thanks to the significant rise after bottoming out in March last year. Both the weak dollar and unprecedented fiscal and monetary stimulus by the government and central banks have contributed to higher precious metal prices.

Following the signing of a series of measures by Trump, gold spot prices rose 0.7% to $ 1,896.70 per ounce, the highest level since November 6th last year.

As part of that, silver rose 3.6% and was trading early in the morning at $ 26.76 an ounce.

The stimulus package for the US economy will be Donald Trump’s last legislative act as President of the United States. President-elect Joe Biden is expected to approve further measures in this regard in early 2021.

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Gold at the highest price in two months after Trump’s stimulus Gold at the highest price in two months after Trump’s stimulus

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