Gold futures ended higher on Wednesday, extending gains to a fourth straight session, as the dollar shed further ground amid rising expectations for another U.S. stimulus.
Traders were also betting on hopes demand for metals will see a significant rise soon as the global economy is likely to see a swift recovery thanks to vaccination rollout and falling rate of new coronavirus cases in several parts across the world.
U.S. President Joe Biden’s $1.9 trillion coronavirus relief bill is expected to pass through Congress despite opposition from Republicans over the aid’s price tag.
The dollar index, which fell to 90.25 in the Asian session, rebounded into positive territory later on, but slid again as the day progressed. It was last seen hovering around 90.40, down marginally from previous close.
Gold futures for April ended up $5.20 or about 0.3% at $1,842.70 an ounce.
Silver futures for March ended lower by $0.324 at $27.078 an ounce, while Copper futures for March settled up $0.0525 at $3.7725 per pound, registering an eight-year high in the session.
Platinum contracts for April ended at their highest level in about 6 years, gaining about 4.4% for the day as it settled at $1.246.90 an ounce.
In U.S. economic news, data from the Labor Department showed consumer prices in the U.S. increased in line with economist estimates in the month of January. The report said the consumer price index rose by 0.3% in January after edging up by a revised 0.2% in December.
Economists had expected consumer prices to climb by 0.3% compared to the 0.4% increase originally reported for the previous month.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.