Dollar Lifts Gold Amid Worries Over U.S. Stimulus Delay
Gold inched higher on Wednesday as the dollar eased, while investors weighed a top U.S. Republican leader’s decision to postpone a vote on increased pandemic relief payments.
Spot gold rose 0.3% to $1,883.88 per ounce by 0313 GMT. U.S. gold futures were up 0.2% at $1,887.40.
“A weaker dollar is enough to create a small upward momentum for confidence to be maintained in gold,” said Michael Langford, director at corporate advisory AirGuide.
Gaining a greater exposure to gold makes sense in a low-yield and weakening dollar environment, he added.
The dollar index fell 0.2%, hovering close to its lowest level in more than two years, as traders looked past Republican Senate Majority Leader Mitch McConnell’s decision to put off a vote on increasing COVID-19 relief checks to $2,000 from $600.
