🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Gold Up, Investors Book Profits in Wake of Stimulus Hopes-Induced Price Rise

Published 01/20/2021, 10:50 PM
Updated 01/20/2021, 10:52 PM
© Reuters.
XAU/USD
-
DX
-
GC
-

By Gina Lee

Investing.com – Gold was up on Thursday morning in Asia. However, the yellow metal eased from a two-week high, with investors booking profits after prices jumped during the previous session over hopes of a massive U.S. stimulus package under the newly inaugurated Joe Biden administration.

Gold futures were up 0.2% at $1,871.50 by 10:50 PM ET (3:50 AM GMT). The dollar was down on Thursday.

Biden signed 15 executive orders on Wednesday after the inauguration ceremony covering COVID-19, climate change, and immigration among other issues, and stated “these are just all starting points.” Investors are also looking to see if Biden’s $1.9 trillion stimulus plan will be implemented now that he has the keys to the White House.

Central banks globally also kept busy, with the Bank of Japan keeping its interest rate unchanged as it handed down its policy decision earlier in the day. The People’s Bank of China also kept its loan prime rate steady at 3.85%.

The European Central Bank is widely expected to keep its easy money policy unchanged when it hands down its own policy decision later in the day. However, the central bank is widely expected to be open to further stimulus measures as the second wave of COVID-19 cases dims an already weak outlook.

On the COVID-19 front, the World Health Organization plans to approve several COVID-19 vaccines from Western and Chinese manufacturers in coming weeks and months, it said in a document published on Wednesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.