Janet Yellen
Photographer: Justin Chin / Bloomberg
Photographer: Justin Chin / Bloomberg
Gold held as investors awaited comments from Treasury Secretary Janet Yellen on the dollar and the stimulus when he testified on Capitol Hill the day before Joe Biden was sworn in as president.
Yellen’s Senate The confirmation hearing is likely to feature 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 opposed. Earlier, the Wall Street Journal reported that Yellen is expected to affirm the US commitment to market-driven exchange rates.
Bullion is down more than 3% this year as Treasury benchmark yields and the green dollar have risen on forecasts that coronavirus vaccines and stimulus packages will help the economic recovery. In early Asian trade, on Tuesday, an indicator of the currency was constant after rising in the last two weeks.
Spot gold was slightly lower at $ 1,839.06 an ounce at 8:43 a.m. in Singapore, after rising 0.7% on Monday. Silver fell, palladium was flat and platinum won. The Bloomberg Dollar Spot index rose 0.2%.
Traders are also monitoring President Donald Trump’s last full day in office, when he can issue a lot of pardons. Biden’s The swearing-in to the US Chapter on Wednesday will come amid an unprecedented level of security, given Washington’s still-violent threats of violence.