By the start of the European session, the price of gold remained stable with trading slightly changing around the price of $ 1,855 per ounce.
Gold trading has moved around the same price level this week due to the volatile volatility in the market.
The market today is still plagued by concerns over the delay in the implementation of the $ 1.9 trillion stimulus package after US President Joe Biden received opposition from Republican Senators over the weekend.
Subsequently, Biden said he was willing to negotiate the stimulus package, and this caused the market to see it as potentially causing delays in implementation.
This uncertainty prompted investors to value gold, as a hedge for inflation, to curb its demand and switch to the US dollar.
Meanwhile, the Senate has confirmed Janet Yellen as Secretary of the US Treasury who will replace Steven Mnuchin today.
Yellen is now expected to act quickly with the help of Covid-19 and review U.S. sanctions policy as well as strengthen financial regulations.
