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Gold futures settle near two week high on softer dollar

21 Jan 2021 Evaluate
Gold futures settle near two week high on Wednesday, buoyed by the softer US currency and on expectations over US President Joe Biden’s $1.9 trillion fiscal aid proposal to deal with the economic damage caused by the  pandemics and on pace of COVID-19 vaccine distribution. Joe Biden was sworn into office on Wednesday. The yellow metal is regarded as the hedge against inflation that can result from stimulus measures.

Gold futures for February delivery rose by 1.4% or $26.30 to settle at $ 1866.50 an ounce on the Comex division of the New York Mercantile. Spot gold was rose 1.6% at $1,868.00 per ounce.