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Gold Steady as Dollar Continues Decline on Biden Stimulus Bets
Bloomberg 1/21/2021 Eddie Spence and Krystal Chia
(Bloomberg) Gold held gains after surging on Wednesday as the dollar extended declines and Joe Biden was sworn in as U.S. president.
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European shares and U.S. equity futures continued rising as global equities climbed to a record on Thursday on optimism that more stimulus under the Biden administration will drive a post-pandemic rebound. The dollar weakened for a fourth consecutive day as investors adopted more bullish positions, taking some pressure off gold.
“It’s all driven by the comments of Janet Yellen,” said Giovanni Staunovo, commodities analyst at UBS Group AG, referring to Biden’s pro-stimulus pick for Treasury secretary. That is “pushing up equities, weighing on the U.S. dollar, but also supporting inflation expectations, which is in my view the reason why gold trades again at $1,870 an ounce.”
U.S. stocks eked out a gain to close at a record with tech shares lifting the major indexes on anticipation that more fiscal spending will revive economic growth and bolster corporate earnings. The dollar weakened.
U.S. stocks eked out a gain to close at a record with tech shares lifting the major indexes on anticipation that more fiscal spending will revive economic growth and bolster corporate earnings. The dollar weakened.
Tech shares lead U S stocks to all-time highs bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.