Gold prices rose following the decline of the US dollar following Treasury Secretary Janet Yellen's statement on the possibility of raising taxes and massive stimulus measures.
Ahead of the European session, the precious metal rose higher with trading around the $ 1,852 per ounce level (2.35pm Malaysian time).
Speaking before the Senate Finance Committee, Janet Yellen urged lawmakers to take greater action on the coronavirus relief package and not be overly concerned with high debt.
The US dollar fell from its one-month high, following a decline in U.S. treasury yields after Yellen said tax cuts implemented in 2017 for large companies would be withdrawn.
In addition, Yellen also rejects the use of exchange rate policies to provide a competitive advantage in trade, in contrast to Steven Mnuchin who repeatedly stated his preference for weaker dollars.
Investors are now looking forward to the official inauguration ceremony of President Joe Biden today, with a focus on his speech on policies to be implemented under his administration in the future.
