Photographer: Carla Gottgens / Bloomberg
Photographer: Carla Gottgens / Bloomberg
Gold declined the stronger dollar and the outlook for the currency, while investors assessed the timing of the U.S. stimulus package.
Former Federal Reserve Chair Janet Yellen is expected to affirm the U.S. commitment to market-determined exchange rates when she declares on Capitol Hill on Tuesday and will make it clear that the U.S. is not looking for a weaker dollar to gain competitive advantage , according to one Wall Street Journal report, citing people familiar with the preparation. A green ticket meter has gone up in the last two weeks.
Yellen’s confirmation hearing as Secretary of the Treasury is scheduled for Jan. 19 before the Senate Finance Committee, the day before President-elect Joe Biden takes office.
Bullion has fallen nearly 4% this year as U.S. Treasury and dollar yields advanced. Still, the metal remains above $ 1,800 an ounce and is expected to receive support from massive stimulus packages from central banks and governments. Biden is pushing for swift action in Congress over its economic relief plan, but it risks curbing it with a federal minimum wage increase that Republicans and business groups have long fought for.
“A stronger US dollar is proving to be a windfall against precious metal prices despite massive proposals to stimulate billions of dollars to mitigate the negative effects of Covid-19,” said Avtar Sandu, manager Phillip Futures Commodity Main Pte.
Local gold did not change much to $ 1,828.22 an ounce at 12:43 in Singapore, after falling to 1.3%. Prices ended 1.1% lower last week. Silver and platinum increased, while palladium was constant.
Meanwhile, like the US the death toll from Covid-19 approached 400,000, Anthony Fauci, the country’s top infectious disease expert, said Biden’s promise to deliver 100 million doses of vaccine in 100 days is “absolutely a vaccinations in the United States began on Dec. 14 with health workers and so far 13.7 million shots have been fired, according to a state-by-state count from Bloomberg News and data from the Centers for Disease Control and Prevention. Disease Prevention.
– With the assistance of Ranjeetha Pakiam