Janet Yellen
Photographer: Justin Chin / Bloomberg
Photographer: Justin Chin / Bloomberg
Gold stood while investors waited for Treasury Secretary nominee Janet Yellen’s comments on the dollar and stimulus when she testified on Capitol Hill a day before Joe Biden’s inauguration as president.
Yellen’s Senate confirmation hearing is likely to include foreign exchange policy, and will also serve as the first congressional forum where lawmakers will vet Biden’s $ 1.9 billion Covid-19 assistance plan, parts of which have already drawn opposition. Earlier, the Wall Street Journal reported that Yellen was expected to reaffirm the US commitment to market-determined exchange rates.
Bullion fell more than 3% this year as Treasury defaults and the setback climbed on forecasts that coronavirus vaccines and stimulus packages would help economic recovery. In early Asian trading on Tuesday, a measure of the currency was steady after climbing the past two weeks.
Spot gold changed little at $ 1,839.06 per ounce at 08:43 in Singapore, after rising 0.7% on Monday. Silver fell, palladium was flat and platinum gained. The Bloomberg Dollar Spot Index rose 0.2%.
Traders are also watching President Donald Trump’s last full day in office, when he can issue a series of pardons. Biden s’n the swear word at the U.S. Capitol on Wednesday will come amid an unprecedented level of security, given the still-boiling threats of violence in Washington.