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Gold edges higher on new Covid-19 strain, inflation woes
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Last Updated: Apr 01, 2021, 08:14 AM IST
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Synopsis
Stimulus measures increase the chances of higher inflation and gold is often considered as a hedge against it.
Spot gold was up 0.2% at $1,710.28 per ounce.
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FUNDAMENTALS
Spot gold was up 0.2% at $1,710.28 per ounce by 0156 GM, though it was set for its second straight weekly fall.
U.S. gold futures fell 0.3% to $1,709.80 per ounce.
U.S. President Joe Biden on Wednesday called for a sweeping use of government power to reshape the world s largest economy and counter China s rise in a $2 trillion-plus proposal that was met with swift Republican resistance.
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Saturday, 13 Mar 2021 08:18 AM MYT
A first tranche of US$1,400 stimulus payments was processed yesterday, with additional large batches of payments to be sent via direct deposits or through the mail as checks or debit cards in coming weeks, the officials said. Reuters pic
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WASHINGTON, March 13 Americans will see the first direct deposits from President Joe Biden’s US$1.9 trillion (RM7.8 trillion) Covid-19 relief package hit their bank accounts this weekend, Treasury and Internal Revenue Service officials said yesterday.
A first tranche of US$1,400 stimulus payments was processed yesterday, with additional large batches of payments to be sent via direct deposits or through the mail as checks or debit cards in coming weeks, the officials said.