Even with the weakness of the US dollar, gold precious metals failed to take advantage of the opportunity to rise higher today.
Gold initially rose during the Asian session following news of a $ 600 payment aid will begin to be distributed to millions of Americans as soon as Tuesday (US time).
However, the precious metal once again showed a decline as it entered the European session trading around the $ 1,879 ounce price. Gold futures traded lower at $ 1,883 per ounce (3.45pm Malaysian time).
The movement of gold was relatively limited due to positive sentiment in the market which led to an increase in risky assets and weakened investors' demand for safe-haven.
Meanwhile, Senate Majority Leader Mitch McConnell postponed the vote to increase the amount of stimulus assistance from $ 600 to $ 2,000, after the House of Representatives and President Donald Trump both agreed to the increase earlier in the week.
All market focus is now focused on the election in Georgia on January 5, 2021, which will determine whether the Democratic or Republican party will dominate the US Senate.
