Janet Yellen
Photographer: Justin Chin / Bloomberg
Photographer: Justin Chin / Bloomberg
Gold remained stable as investors waited for Treasury Secretary nominee Janet Yellen’s comments on the dollar and stimulus as she declares on Capitol Hill a day before Joe Biden’s inauguration as president.
Yellen Senate the confirmation hearing is likely to include a foreign exchange policy, and will also serve as the first congressional forum in which lawmakers will examine Biden’s $ 1.9 trillion Covid-19 aid plan, parts of which have already been opposed. Earlier, the Wall Street Journal reported that Yellen is expected to affirm the U.S. commitment to market-determined exchange rates.
Bullion has fallen more than 3% this year as benchmark cash and greenback yields rose according to forecasts that coronavirus vaccines and stimulus packages would help the economic recovery. On Tuesday, early Asian trade, a currency indicator was steady after rising for the past two weeks.
Local gold did not change much to $ 1,839.06 an ounce at 8:43 a.m. in Singapore, after rising 0.7% on Monday. The silver fell, the palladium was flat and the platinum won. The Spot Bloomberg Dollar index rose 0.2%.
Traders are also watching President Donald Trump’s last full day in office, when he may issue a series of pardons. De Biden The oath at the U.S. Capitol on Wednesday will come amid an unprecedented level of security, given Washington’s violent threats, which are still on fire.