Gold prices stabilize with renewed hopes about US stimulus

Gold prices rose today, Tuesday, supported by growing expectations that US lawmakers agree on new stimulus to ease the repercussions of “Corona”, which strengthened the metal’s lure as a hedge against inflation.

The spot price of gold rose 0.05% to 1913.76 dollars an ounce, after reaching its highest level in nearly two weeks on Monday at 1918.36 dollars. And US gold futures fell 0.06% to $ 1919.

David Major, director of metals trading at High Ridge Futures, said: The cornerstone of supporting this gold market remains optimism regarding an additional new stimulus package to counter the Coronavirus.

Gold usually benefits from large-scale stimulus measures taken by central banks, as it is viewed as a hedge against inflation and a devaluation of the currency.

In other precious metals, silver lost 1.19% to record 24.06 dollars an ounce, platinum fell 2.15% to 877.67 dollars, while palladium rose 0.1% to 2364.49 dollars an ounce.

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