AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)
Markets

Gold gains 1% as Trump signs stimulus bill

  • Britain on Monday urged businesses to prepare for Brexit, after the country clinched a trade deal with the European Union on Thursday that preserved zero-tariff and zero-quota access to the bloc's single market.
Published December 28, 2020

Gold prices jumped 1% on Monday as the metal's appeal as an inflation hedge was boosted by news that US President Donald Trump had signed a long-awaited coronavirus relief aid bill.

FUNDAMENTALS

Spot gold rose 1% to $1,895.03 per ounce by 0145 GMT. US gold futures gained 0.8% to $1,899.10.

Trump on Sunday signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans and averting a partial federal government shutdown, officials said.

Gold has gained more than 24% this year, largely driven by its appeal as a hedge against inflation and currency debasement in the wake of unprecedented stimulus measures unveiled globally to mitigate the impact of the pandemic.

Further supporting the metal on Monday, the dollar edged lower against a basket of currencies, bolstering gold's appeal to other currency holders.

Bank of Japan policymakers were divided on how far to go in tweaking the stimulus programme, with some calling for an overhaul of its strategy for achieving 2% inflation, a summary of views voiced at the December rate review showed.

Europe launched a mass COVID-19 vaccination drive on Sunday with pensioners and medics lining up to get the first shots to see off a pandemic that has crippled economies and claimed more than 1.7 million lives worldwide.

Britain on Monday urged businesses to prepare for Brexit, after the country clinched a trade deal with the European Union on Thursday that preserved zero-tariff and zero-quota access to the bloc's single market.

Silver rose 3% to $26.63 an ounce. Platinum climbed 1.7% to $1,040.37 and palladium was up 0.5% at $2,360.79.

Comments

Comments are closed.