Gold rises 1% on the decline of the dollar … and...

Gold rises 1% on the decline of the dollar … and...
Gold rises 1% on the decline of the dollar … and...


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Gold rises 1% due to the drop in the dollar … and hopes for US stimulus, today, Saturday, October 10, 2020 10:28 am

Gold prices rose today, Friday, 1% due to the weak dollar and is heading towards achieving the second consecutive weekly gain, as the attractiveness of the yellow metal increased as a hedge against inflation, due to renewed optimism about a new US aid package to mitigate the repercussions of the Corona virus.

Spot gold rose 0.7 percent to 1,907.16 dollars an ounce, and gold rose 0.4 percent for the week.

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And gold in US futures rose 1 percent to $ 1912.40.

The dollar index fell against its rivals, and is on track for its second consecutive weekly decline.

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Talks have resumed between House Speaker Nancy Pelosi and US Treasury Secretary Stephen Mnuchin on the coronavirus aid plan.

A major advance for Democratic presidential candidate Joe Biden is also seen as opening the way to major economic stimulus.

And gold, which is considered a hedge in the face of inflation and a depressed currency, has gained about 26 percent since the beginning of this year, supported by unprecedented stimulus globally to mitigate the economic effects of the Coronavirus pandemic.

As for the other precious metals, silver rose 1.5 percent to $ 24.17 an ounce and rose 2 percent for the week. Platinum gained 1.5% to $ 875.33, and palladium gained 0.5% to $ 2,383.16.

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