Gold on back foot ahead of Biden's US stimulus plan

Gold on back foot ahead of Biden's US stimulus plan

Gold prices edged lower on Thursday as the dollar steadied and U.S. Treasury yields held near 10-month highs, with markets waiting for President-elect Joe Biden to reveal details of his stimulus plan.Spot gold fell 0.3% to $1,838.44 per ounce by 1052 GMT, while U.S. gold futures slipped 0.8% to $1,839.80."Gold is consolidating a bit. It is being pressured by rallying Treasury yields and (the) dollar, that has strengthened over a couple of sessions," Bank of China International analyst Xiao Fu said.Optimism over a report that Biden could launch a $2 trillion aid package for coronavirus relief pushed benchmark 10-year Treasury …
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