Reuters | Jan 14, 2021 12:24
Jan 14 (Reuters) - Gold prices rose on Thursday ahead of U.S. President-elect Joe Biden's coronavirus stimulus proposal, while data showing U.S. consumer prices rose solidly in December bolstered bets of higher inflation.
* Biden will press Congress on Thursday to deliver immediate pandemic "rescue" efforts before turning to broader "recovery" measures like healthcare and infrastructure, the incoming administration's top economic adviser said on Wednesday. Biden last week estimated his economic relief plan would cost "trillions" of dollars. U.S. consumer prices increased solidly in December and inflation could temporarily accelerate this year as the government provides more money to stimulate the economy. Gold is considered a hedge against inflation.
* U.S. economic activity increased modestly in recent weeks and a growing number of the Federal Reserve's districts saw a drop in employment as a surge in coronavirus cases led to more shutdowns of businesses, the U.S. central bank said on Wednesday. The U.S. House of Representatives passed a single article of impeachment accusing President Donald Trump of "incitement of insurrection", making him the first president in U.S. history to be impeached twice. Exchange traded funds (ETFs) storing gold for investors shrank for a second month in December, but nevertheless grew more than ever before in 2020 thanks to massive stockpiling earlier in the coronavirus outbreak. Holdings of the world's largest gold-backed exchange-traded fund SPDR Gold Trust GLD fell 0.9% to 1,171.21 tonnes on Wednesday. Silver XAG= rose 0.8% to $25.34 an ounce. Platinum XPT= climbed 0.4% to $1,098.77, while palladium XPD= eased 0.4% to $2,375.45. DATA/EVENTS (GMT) 0630 India WPI Inflation YY
Dec 1330 US
Initial Jobless Clm Weekly -
China Exports, Imports YY Dec -
China Trade Balance USD
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.