Gold continued to strengthen after rising to a one-week high raised in hopes of more coronavirus stimulus measures to be implemented by the United States.
Entering the European session, gold spots traded up at $ 1,840 per ounce, while gold futures were positive at $ 1,844 per ounce (4.00 pm Malaysian time).
So far there are three coronavirus stimulus relief suggestions under consideration. One of them is a proposal from both the Republican and Democratic (bipartisan) parties worth $ 908 billion.
The other is a plan proposed by Senate Majority Leader Mitch McConnell worth $ 1.4 trillion, and the third, is a package of assistance by the Democratic party backed by House of Representatives Speaker Nancy Pelosi and Democratic Senate Leader Chuck Schummer.
For now, Treasury Secretary Steven Mnuchin and Federal Reserve (Fed) Chairman Jerome Powell support the bipartisan plan.
At the same time, however, there are reports that President Donald Trump will sign a plan proposed by McConnell.
Regardless of the US administration's choice, gold will continue to rise as long as they agree to launch a coronavirus stimulus relief package.
Gold, often seen as a hedge against inflation and the depreciation of the currency, tends to rise from the massive fiscal stimulus measures launched.
