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Gulf Today Report
Gold advanced on Friday due to the prospect of the US pandemic relief uplifting gold’s appeal as a shield against inflation.
Spot gold rose 0.1% to $1,848.75 per ounce while US gold futures were flat at $1,851.
Jeffrey Halley, a senior market analyst at OANDA said: "the stimulus is going to be bullish for asset markets and with the Fed chair quashing any prospects of raising interest rates or dialling down bond-buying anytime soon, gold is supported."
US President-elect Joe Biden announced a $1.9 trillion stimulus package proposal to aid the economy and hasten coronavirus vaccinations.
In a note, ANZ analysts said "gold's upside looks constrained amid rising yield and buoyant risky assets. However, a weaker US dollar, stimulus expectations and depressed real interest rates should remain supportive."
ANZ analysts added "short term headwinds aside ... if inflation expectations start to increase meaningfully and fast, gold will again become attractive.
Investors are expecting gold prices to break above $2,000.
Spot gold was up 0.1% at $1,777.30 per ounce by 0949 GMT. U.S. gold futures fell 0.3% to $1,784.30 per ounce.
Spot gold was up 0.2% at $1,773.41 per ounce by 0506 GMT. Prices were $5.65 shy of a near eight-year high of $1,779.06, hit last week. U.S. gold futures rose 0.5% to $1,788.40 per ounce.
Spot gold was steady at $1,772.14 per ounce by 0703 GMT, just $6.92 shy of a near eight-year high of $1,779.06 hit last week. U.S. gold futures rose 0.3% to $1,787.30. Bullion, with quarterly gains of more than 12%.
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