Gold falls, but US stimulus hopes to limit losses by


© Reuters.

By Gina Lee – Gold fell Monday morning in Asia, losing some previous gains as it recovered from a sharp drop seen during the previous session. However, the investor expects the US to pass more stimulus measures that could fuel economic recovery from COVID-19 limited losses. It was down 0.16% to $ 1,853.25 at 11:06 PM ET (4:06 AM GMT). A $ 1.9 trillion stimulus package is currently being debated in Congress, with the statement by US President Joe Biden‘s Chief Deputy White House Press Secretary Karine Jean-Pierre, “We can’t wait.” highlighting the urgency of approving the measures. Senators said they hoped to pass the measures before the impeachment trial of former President Donald Trump begins during the week of February 8. Despite their differences, Biden, as well as Democratic and Republican lawmakers, agreed Sunday to prioritize the effective production and distribution of COVID. -19 vaccines. In another example of the two parties working together, the United States Senate Finance Committee unanimously approved the nomination of Janet Yellen as the first female Secretary of the Treasury on Friday. Committee approval is an indication that your nomination will easily win full Senate approval later in the day. Yellen had urged lawmakers to spend big for COVID-19 relief, with benefits that outweigh the costs of a higher debt burden, during her confirmation hearing that took place the previous week. The number of cases in the United States surpassed 25 million as of January 25, and the number of global cases approached the 100 million mark, according to data from Johns Hopkins University. On the central bank front, the Federal Reserve will meet for its first policy meeting in 2021 on Tuesday, and its decision will be made on Wednesday. Meanwhile, the upcoming Lunar New Year holidays saw a spike in demand for physical gold in China and Singapore in particular. The data also showed that speculators reduced their bullish positions on COMEX gold and silver contracts in the week through January 19.

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