You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

Gold traders wait for Yellen to weigh in on dollar and stimulus

Spot gold was little changed at $1,839.06 an ounce at 8:43 a.m. in Singapore, after rising 0.7% on Monday.
Image: Chris Ratcliffe/Bloomberg

Gold steadied as investors awaited commentary from Treasury Secretary nominee Janet Yellen on the dollar and stimulus when she testifies on Capitol Hill a day ahead of Joe Biden’s inauguration as president.

Yellen’s Senate confirmation hearing is likely to feature foreign-exchange policy, and will also serve as the first congressional forum where lawmakers will vet Biden’s $1.9 trillion Covid-19 relief plan, parts of which have already drawn opposition. Earlier, the Wall Street Journal reported Yellen is expected to affirm the US’s commitment to market-determined exchange rates.

Bullion has fallen more than 3% this year as benchmark Treasury yields and the greenback climbed on forecasts that coronavirus vaccines and stimulus packages will aid the economic recovery. In early Asian trade on Tuesday, a gauge of the currency was steady after climbing over the past two weeks.

Spot gold was little changed at $1,839.06 an ounce at 8:43 a.m. 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 monitoring President Donald Trump’s last full day in office, when he may issue a slew of pardons. Biden’s swearing-in at the US Capitol on Wednesday will come amid an unprecedented level of security given the still-simmering threats of violence in Washington.

© 2021 Bloomberg

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / PODCASTS SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles: Advanced Search
Click a Company: