Gold Merchants Await Yellen to Weigh In on Greenback and Stimulus By Bloomberg
© Bloomberg. Janet Yellen, former Federal Reserve Chairwoman, attends the Bloomberg New Economy Forum in Singapore on Tuesday, November 6, 2018. The New Economy Forum, organized by Bloomberg Media Group, a division of Bloomberg LP, aims to bring together public and private sector executives to find solutions to the world’s biggest challenges.
(Bloomberg) – Gold stabilized as investors waited for Secretary of the Treasury Janet Yellen to comment on the dollar and incentives when she testified on Capitol Hill the day before Joe Biden took office as president.
Yellen’s Senate confirmation hearing is likely to include a foreign exchange policy and will also serve as the first Congressional forum where lawmakers will consider Biden’s $ 1.9 trillion Covid-19 relief plan, parts of which have already created resistance. Previously, the Wall Street Journal reported that Yellen is expected to reaffirm US commitment to market-driven exchange rates.
Gold bars are down more than 3% this year as benchmark yields on government bonds and the greenback have risen on predictions that coronavirus vaccines and stimulus packages will support the economic recovery. In early Asian trade on Tuesday, a currency measure was stable after rising for the past two weeks.
was little changed at $ 1,839.06 an ounce at 8:43 am in Singapore, after rising 0.7% on Monday. Silver fell, palladium was flat, and platinum was gaining. The Bloomberg Dollar Spot Index rose 0.2%.
Traders are also monitoring the last full day in President Donald Trump’s office on which he may issue a series of pardons. Biden’s swearing-in at the U.S. Capitol on Wednesday will take place amid an unprecedented level of security amid an unprecedented level of security in Washington, amid the simmering threat of violence.
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