Thanks to the Weaknesses of the USD, Gold Shines Back - Kakiforex | Forex markets for the smart money. Thanks to the Weaknesses of the USD, Gold Shines Back Thanks to the Weaknesses of the USD, Gold Shines Back

February 23, 2021

Thanks to the Weaknesses of the USD, Gold Shines Back

 Gold prices climbed to a one-week high on Tuesday, supported by the weakening US dollar.


Gold prices rose above the $ 1,800 level and traded up at $ 1,812 an ounce as the market headed towards the opening of the European session.


The greenback dollar declined to a one-month low against most major currencies, with the dollar index trading weakly at 90.02.



Gold-yellow metal recovered from a 7-month low after falling 2.2% last week as investors focused on the testimony of Federal Reserve (Fed) Chairman Jerome Powell.


Powell's semi-annual report came before the U.S. Senate Committee on Tuesday, and the next day before the Financial Services panel was the market's main focus for guidance on further policy and its assessment of recovery.


Meanwhile, the House of Representatives Budget Committee has reportedly passed a $ 1.9 trillion stimulus law, and it is expected to be passed by the end of this week.