Photographer: Carla Gottgens / Bloomberg
Photographer: Carla Gottgens / Bloomberg
Gold had a decline in a stronger dollar and the outlook for the currency, while investors rated the timeline for the US stimulus package.
Former Federal Reserve Chairman Janet Yellen is expected to reaffirm the US commitment to market-specific exchange rates when she testifies at Capitol Hill on Tuesday, and she will make clear that the US does not want a weaker dollar for competitive advantage, according to ‘ a report from the Wall Street Journal, referring to people familiar with the preparation. The rookie’s mate has been climbing for the past two weeks.
Yellen’s confirmation hearing as treasury secretary was scheduled for Jan. 19 before the Senate Finance Committee, a day before President-elect Joe Biden is sworn in.
Bullion fell nearly 4% this year as U.S. Treasury yields and the dollar rose. The metal remains above $ 1800 per ounce and is expected to receive support from massive stimulus packages from central banks and governments. Biden is he advocates for quick congressional action over his economic relief plan, but he dares to delay it with a federal minimum wage increase that Republicans and business groups have long fought for.
“A stronger US dollar appears to be a headwind for the price of precious metals despite the huge proposals for a billion-dollar stimulus to alleviate the bad effects of Covid-19,” said Avtar Sandu, a senior executive for commodities at Phillip Futures Pte, said.
Spot gold was changed at 12:43 hours in Singapore at $ 1,828.22 ounces per hour after falling 1.3% earlier. Prices ended 1.1% lower last week. Silver and platinum rose, while palladium was steady.
Meanwhile, as the US death toll from Covid-19 nearly 400,000, Anthony Fauci, the country’s leading expert on infectious diseases, said Biden’s promise to deliver 100 million doses of vaccine within 100 days was ‘absolutely a’ doable thing. Vaccinations in the U.S. began on December 14 with health workers, and so far 13.7 million shots have been fired, according to a state-by-state report by Bloomberg News and data from the Centers for Disease Control & Prevention.
– With help by Ranjeetha Pakiam