Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Gold Up, Investors Await Yellen Comments on Stimulus, Dollar

CommoditiesJan 18, 2021 10:28PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Gina Lee – Gold was up on Tuesday morning in Asia, climbing back up from the one-and-a-half-month low seen during the previous session, as hopes for further stimulus measures to boost economic recovery from COVID-19 countered a firmer dollar.

Gold futures were up 0.38% at $1,836.80 by 11:25 PM ET (3:25 AM GMT), after hitting the lowest point since Dec. 2 on Monday. The dollar was down on Tuesday.

Investors await comments from Secretary of the Treasury nominee Janet Yellen, on U.S. stimulus measures and the dollar during her Senate confirmation hearing later in the day.

Yellen will testify before the Senate Finance Committee and will likely touch on topics ranging from foreign-exchange policy to taxes. She is reportedly expected to affirm the U.S.' commitment to market-determined exchange rates and indicate that the country doesn’t seek a weaker dollar for competitive advantage. She is also expected to tell the committee that the government must “act big” with its next COVID-19 relief package.

U.S. President-elect Joe Biden outlined a $1.9 trillion stimulus package proposal to jump-start the virus-stricken economy during the previous week.

Across the Atlantic, the European Commission warned that the COVID-19 pandemic was making the bloc’s economic imbalances worse and European finance ministers vowed to provide continued fiscal support for their economies on Monday as they discussed the design of post-COVID-19 recovery plans.

The Global Palladium Fund, which is backed by Russian nickel and palladium mining and smelting company Norilsk Nickel, has launched exchange traded commodities. These blockchain-tracked securities offer investors exposure to palladium, platinum, gold and silver spot prices without owning the metals.

On the central bank side, the European Central Bank and the Bank of Japan will hand down their policy decisions on Thursday.

Meanwhile, International Monetary Fund Managing Director Kristalina Georgieva said the global lender needed more resources to help heavily indebted countries, citing a highly uncertain global economic outlook. World Health Organization Director-General Tedros Adhanom Ghebreyesus also urged a more equitable spread of COVID-19 vaccines doses across countries.

Gold Up, Investors Await Yellen Comments on Stimulus, Dollar

Related Articles

Gold Ends Down in Continued Limbo Under $1,750
Gold Ends Down in Continued Limbo Under $1,750 By - Apr 12, 2021 1

By Barani Krishnan - Gold prices fell for a second straight day on Monday, remaining stuck under the key $1,750 per ounce level despite a sluggish dollar and marginal...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email