Gold prices rose slightly on Tuesday, supported by a weaker US dollar as investors now focused on a Senate vote on a new bill to increase check aid to Americans.
Entering the European session, the precious metal traded up at $ 1,880 per ounce, while gold futures were positive at $ 1,883 per ounce (4.00 pm Malaysian time).
At today’s Asian session, the U.S. House of Representatives passed a bill to increase check aid to $ 2,000 as proposed by President Donald Trump last week.
This has driven US dollar trading lower than its main competitors, following a surge in equity markets that saw Japanese stocks reach their highest level in 30 years due to increased optimism ahead of the Senate vote.
However, the increase in gold was seen to be quite limited as positive sentiment in the market also prompted investors to relinquish their holdings on safe-haven assets.
