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Gulf Today Report
Gold prices rose on Monday as the dollar declined and investors remain hopeful for a massive stimulus to be passed soon.
Spot gold rose 0.1% to $1,854.95 per ounce, it has regained from the 0.9% fall in the previous session. US gold futures eased 0.1% to $1,854.30.
Republicans showed concerns about the $1.9 trillion pandemic relief proposal being too expensive, President Joe Biden's administration tried to head it off on a Sunday call.
Lachlan Shaw, National Australia Bank’s head of commodity research said, "we’re seeing bigger question marks over the passage of Biden's stimulus package, Senate Republicans are starting to stand a bit more objectionable with particular parts of the package."
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The dollar declined by 0.1% against other currencies, making gold cheaper for holders of those currencies.
Gold serves as a shield against inflation that could occur due to stimulus.
Investors are looking towards the US Federal Reserve’s policy meeting coming up in a few days.
"The Fed is likely to take the conservative course and wait for additional data and assume fragility, given the short-run effects of tackling COVID in the US more aggressively could weaken sales and domestic economic activity," said Nicholas Frappell, global general manager at ABC Bullion.
"The longer-term outlook and technical support remain bullish so above $1,840, look for moves back to $1,870-$1,880."
Spot gold was down 0.3% at $1,734.31 per ounce by 03:45 GMT while US gold futures were also down 0.3% at $1,733.70 per ounce.
Spot gold was steady at $1,711.61 per ounce by 02:57 GMT while US gold futures dipped 0.3% to $1,710.20.
Spot gold rose 0.4% to $1,707.81 per ounce by 05:23 GMT while US gold futures climbed 0.4% to $1,704.90.
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Australia’s central bank on Tuesday raised interest rates by a quarter-point to an 11-year high, and warned that further tightening may be required to ensure that inflation returns to target.