Gold Subdued As Equities Rally
Gold prices edged lower on Monday despite the dollar index slipping on optimism about Covid-19 vaccine rollouts and a planned $1.9 trillion U.S. stimulus package.
Spot gold slipped 0.4 percent to $1,817.28 an ounce, while U.S. gold futures were down 0.3 percent at $1,817.05.
The U.S. dollar pinned near two-week lows as stocks climbed across Asia and Europe on optimism that successful coronavirus vaccine rollouts globally would help spur a faster economic recovery this year.
U.S. President Joe Biden will speak at a virtual meeting of the world’s major economies on Friday to discuss the coronavirus pandemic and global vaccination distribution, according to the White House.
He will emphasize the need for global coordination on vaccine production, distribution and supplies.
Meanwhile, with former President Donald Trump winning his second Senate impeachment trial, U.S. lawmakers are likely to concentrate on pushing through President Joe Biden’s vast rescue package.
The $1.9 trillion proposal could be watered down but the final figure could be closer to the president’s plan, reports suggest.