It’s A Golden Day For Gold.
Gold went up this morning in Asia, after gold recorded its biggest two-day gain in a month.
Gold futures were up 0.47% at $1,842.80 by 4:31 AM GMT. The dollar, which is inversely related to Gold, was down on Tuesday.
Driving the price of gold is the expectations pinned on further COVID relief measures in the U.S. and weaker dollars. Yesterday, Democrat lawmakers released the first draft of law that will constitute Joe Biden’s COVID bill.
This rise in Gold is a recovery from the drop it recorded last week, the lowest level recorded since early December 2020. For context, the drop was driven by a stronger dollar and rising U.S. Treasury yields.