Gold is heading globally for its third weekly gain

Gold rose 2.4% in a week.

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Gold prices fell, yesterday, as the dollar rebounded, after growing hopes of approval of stimulus in the United States led gold to rise for three days, which puts the yellow metal on the path of achieving gains for the third week in a row.

And gold fell in immediate transactions 0.1% to 1884.41 dollars an ounce.

For the week, gold is up 2.4%.

And gold in US futures fell 0.1% to $ 1889.4.

Analyst Margaret Yang said: "The US fiscal stimulus is somehow taken into account, so dealers are looking to take profits before the weekend."

Republican and Democratic lawmakers in Congress accelerated their efforts to approve a new round of aid to mitigate the repercussions of the Corona virus, the day before yesterday, while lawmakers from both parties said that failure to reach an agreement is no longer an option.

"While reaching a deal to stimulate gold prices may push higher, a more sustainable rally will require indications of rising inflationary pressures," said Han Tan, market analyst at FXTM.

Analysts confirmed that gold will be supported by the Federal Reserve’s pledge to continue its bond-buying program until there is "another major progress" in restoring full employment, and reaching its 2% inflation target.

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