Janet Yellen
Photographer: Justin Chin / Bloomberg
Photographer: Justin Chin / Bloomberg
Gold stabilized while investors awaited comments from Treasury Secretary Janet Yellen on the dollar and encouragement when she testified on Capitol Hill the day before Joe Biden took office as president.
Yellen Senate The confirmation hearing will likely rely on exchange rate policy and will also serve as the first Congressional forum where lawmakers will review Biden’s $ 1.9 trillion Covid-19 relief plan, parts of which have already attracted opposition. The Wall Street Journal previously reported that Yellen must affirm the US commitment to market-determined exchange rates.
Gold fell more than 3% this year with Treasury benchmark yields and the dollar rose with forecasts that coronavirus vaccines and stimulus packages will help the economic recovery. At the start of Asian trading on Tuesday, a currency indicator has remained stable after rising for the past two weeks.
Spot gold barely 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 won. The Bloomberg Dollar Spot Index was up 0.2%.
Traders are also monitoring President Donald Trump’s last full day in office, when he can issue a series of pardons. Biden The inauguration at the US Capitol on Wednesday will take place amid an unprecedented level of security, given the threats of violence still lingering in Washington.