Image
🏄 What's your Mission? PyndanEX™ 🔎 Discover The Possibilities We're Spreading Results! powered by Surfing Waves We're Spreading Result Allocated Industries\ Dimdotworks, Inc. Intellectual Property Allocated Industries Disclaimer Privacy Policy                                            Is An Equal Opportunity Partnership Endeavor To Where It Matters priceages.com Ticker Tape by TradingView Allocated Industries 2021© Priceages Magazine ALL RIGHTS RESERVED HC ALLOCATED INDUSTRIES CORPORATION | ALL RIGHTS RESERVED “ᴏᴜʀ ғɪʀᴍ ʙᴇʟɪᴇғ ᴛʜᴀᴛ ᴠᴀʟᴜᴇ ʜᴀs ǫᴜᴀʟɪᴛɪᴇs ᴛʜᴀᴛ ғᴀʀ ᴇxᴄᴇᴇᴅ ᴀɴʏ ʙᴀʀʀɪᴇʀs ᴏɴᴇ ᴄᴀɴ ᴇғғᴇᴄᴛɪᴠᴇʟʏ ᴄᴏɴᴛʀᴏʟ ᴛʜᴇɪʀ ᴇᴄᴏɴᴏᴍɪᴄ ᴅᴇsᴛɪɴʏ ʙʏ ғᴏʀᴍɪɴɢ ʟɪғᴇ ʟᴏɴɢ ᴡᴏʀᴋɪɴɢ ʜᴀʙɪᴛs, ᴛᴇᴄʜɴɪᴄᴀʟ sᴋɪʟʟs, ᴀɴᴅ ᴇᴅᴜᴄᴀᴛɪᴏɴᴀʟ ʙᴜsɪɴᴇss ᴠᴀʟᴜᴇs sɪᴍᴜʟᴛᴀɴᴇᴏᴜs ᴛᴏ ᴇɴʀɪᴄʜɪɴɢ ᴛʜᴇ ᴄᴏᴍᴍᴜɴɪᴛʏ ᴀʀᴏᴜɴᴅ ᴛʜᴇᴍ… “ᴇɴᴠɪsɪᴏɴ ᴛʜᴇ ᴡᴏʀʟᴅ; ᴄᴏᴏʀᴅɪɴᴀᴛᴇ ʏᴏᴜʀ ғᴜᴛᴜʀᴇ”

Gold Tops $1,800 on US Senate Paving the Way for Biden’s $1.9 Trillion Stimulus Plan

Gold futures are looking to finish the trading week above $1,800 as the metals market could receive a push from the US Senate’s approval of a budget plan for President Joe Biden’s $1.9 trillion stimulus and relief package. Gold prices also benefited from the sour tone in the broader financial markets amid a disappointing January jobs report. With inflation concerns likely to dominate gold prices for the next couple of weeks, could the yellow metal retest $1,850?

April gold futures soared $16.30, or 0.91%, to $1,807.50 an ounce at 15:14 GMT on Friday on the COMEX division of the New York Mercantile Exchange. The yellow metal is on track for a weekly loss of about 2.2%, adding to its year-to-date decline of 5%.

Silver, the sister commodity to gold, continued its roller coaster of a week on Friday. March silver futures climbed $0.556, or 2.12%, to $26.795 per ounce. The white metal will settle the week down 0.94%, but it is still up 1% on the year.

On Friday, the US Senate paved the way for passing President Biden’s coronavirus stimulus and relief package after Vice President Kamala Harris gave the tie-breaking vote.

The marathon session consisted of 800 amendments that were drafted into the relief bill. Still, the legislation does include $1,400 in direct-income support payments, in addition to the $600 checks that lawmakers recently approved.

With nearly $2 trillion (and counting) added to the federal deficit, gold investors are worried about the inflationary ramifications. Plus, after the lackluster employment report, traders could be anticipating even more spending in the post-coronavirus recovery.

House Speaker Nancy Pelosi (D-NY) confirmed that this is “not the last bill we’ll pass. This is the rescue package.” She believes a separate “recovery” bill will be submitted later in the year.

We’re legislators. That’s why we’re here. That’s what we do, and so we’re always getting ready for the next legislation.

According to the Bureau of Labor Statistics (BLS), the US economy added only 49,000 new jobs in January, with the unemployment rate sliding to 6.3% as more Americans left the workforce. This was lower than the median estimate of 50,000. The much-anticipated January labor update came one day after initial jobless claims dropped to a nine-week low of 779,000.

Gold found additional support on a retreating greenback. The US Dollar Index (DXY), which measures the buck against a basket of currencies, slumped 0.43% to 91.13, from an opening of 91.49. The DXY is on track for a weekly surge of 0.6%. A lower buck is good for dollar-denominated commodities because it makes it cheaper for foreign investors to purchase.

In other metal commodities, March copper futures added $0.0315, 0.89%, to $3.5845 per pound. March platinum futures rallied $27.90, or 2.53%, to $1,130.90 an ounce. March palladium futures picked up $55.30, or 2.42%, to $2,336.00 an ounce.

If you have any questions and comments on commodities today, use the form below to reply.

 


© AndrewMoran for Commodity Blog, 2021. | Permalink | No comment | Add to del.icio.us
Post tags:

Feed enhanced by Better Feed from Ozh



source https://www.earnforex.com/commodities/gold-tops-1800-on-us-senate-paving-the-way-for-bidens-1-9-trillion-stimulus-plan/

Popular posts from this blog