Gold futures jumped more than 1% above the $ 1,860 level on the day. It was driven by the depreciation of the dollar.
A weaker dollar increases the attractiveness of gold. By making gold contracts cheaper for holders of other currencies
At 10.26 p.m. Thai time, the gold contract in the COMEX market (Commodity Exchange) is delivered in February. It rebounded $ 22.40, or 1.22%, to $ 1,862.60 / ounce.
Howe Lee, an economist at OCBC, said the gold price is likely to hit $ 2,000 in the second quarter, while the market has a lot of liquidity. And the demand returned to normal levels
Today’s dollar depreciates. After Mrs. Janet Yellen that the Secretary of the United States. It has called on Congress to approve Mr Biden’s massive stimulus, or the US economy will face a long recession. And suffered long-term damage
Investors keep an eye on Joe’s inauguration ceremony for US President Biden, which is scheduled for midday today US time. Or midnight this time Thai time
Biden will accelerate a $ 1.9 trillion stimulus package. After the inauguration ceremony today He said pushing for stimulus was the first priority after taking over as president.
In addition, Mrs. Yellen stated that The Biden’s government will be more concerned with stimulating the economy than raising tariffs. By taking advantage of measures to remedy people and businesses affected by the COVID-19 virus. There will be more expenses from the higher debt burden.