When does Gold Want to Rise Again?

 The start of the European session saw gold trade rise, following a decline in the US dollar as markets remained wary of uncertainty over the US stimulus package.


Gold prices rose 0.1% with trading hovering around the price level of $ 1,891 per ounce, while yellow metal futures were positive at $ 1,895 per ounce (4.20pm Malaysian time).


The dollar index, which measures the strength of the greenback dollar against most major currencies, traded lower at 93.57 at the start of the European session.


After stopping negotiations on a new US stimulus package, President Donald Trump once again shocked the market by urging Congress to approve financial assistance for airlines, small businesses and a $ 1,200 check for Americans.



Meanwhile, the minutes of the meeting from the Federal Reserve (Fed) did not provide a clear picture of the next steps to deal with the recession caused by coronavirus. Most policymakers say their economic outlook requires additional fiscal support.


Gold, seen as a hedge against inflation and currency depreciation, has risen 24% this year supported by massive stimulus measures by governments and central banks around the world.