Gold prices continued to move stronger although at the same time the king of the US dollar also showed its strength earlier in the week.
The strengthening of gold signaled the market was worried about the rising risk of inflation causing the yellow metal to continue to be an attraction for investors.
At the time of writing, spot gold traded stronger at a five -month high of $ 1,867 an ounce. Gold futures were positive at $ 1,869 an ounce.
While the US dollar depreciated slightly after gaining higher in the previous session, with US 10 -year bond yields stable at 1.60%.
U.S. President Joe Biden finally signed a $ 1 trillion infrastructure stimulus package after it had been delayed for so long due to misunderstandings between Republicans and Democrats.
News that boosted this market sentiment, to some extent influenced the movement of the USD in today’s Asian session to decline slightly. However, the giant currency is still strong around this year's highs.
Meanwhile, major central banks' insistence on maintaining loose monetary policy also provided support for gold trading.
Most recently, the European Central Bank (ECB) refused to implement an early tightening for fear it would bring harm to an economy that is still facing uncertainty from the rising Covid-19 case in Europe.
