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Gulf Today Report

Gold prices remained steady on Thursday as US fiscal stimulus is still being negotiated.

Spot gold was steady at $1,839.54 per ounce by 04:44 GMT, after slipping as much as 2.5% on Wednesday. US gold futures gained 0.2% to $1,843.00.

Lachlan Shaw, National Australia Bank’s head of commodity research said gold is struggling due to lawmakers’ indecisiveness on awaited US fiscal stimulus.

The US House of Representatives has given a go-ahead for the extension of federal government funding, stretching the time left for approval of a coronavirus relief package. 

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Gold serves as a shield against inflation and currency debasement.

ANZ analysts projected gold around $2,100 per ounce by 2021.

According to technical analyst Wang Tao, on the technical front, gold may retest a support at $1,828 per ounce, a break below which could cause a fall to $1,798.

In other metals, silver rose 0.4% to $24.00 per ounce, while platinum gained 0.3% to $1,003.67 and palladium was up 0.6% at $2,278.07.