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Gold rises as rally in U.S. dollar, Treasury yields hits brakes

Wednesday,   13-Jan-2021   08:59 AM (IST)

Gold prices edged up on Wednesday as the dollar pulled back and the U.S. Treasury yields traded lower, while the outlook of a massive U.S. fiscal stimulus further boosted the metal's appeal as an inflation hedge. Spot gold rose 0.2% to $1,858.56 per ounce by 0255 GMT, while U.S. gold futures GCv1 gained 0.9% to $1,860.10. Benchmark 10-year Treasury yields fell from 10-month highs, dragging the dollar lower and making gold cheaper for other unit holders. Further boosting gold was U.S. President-elect Joe Biden's plan to inject the virus-hit economy with "trillions" of dollars in relief measures. coronavirus infections rose to more than 91 million, with several Asian and European countries enforcing stricter restrictions to curb the spread of the virus, while vaccination rates remained underwhelming. U.S. Federal Reserve officials see the economy recovering strongly if the vaccinations gather pace, but that also invokes questions about the outlook of central bank's monetary policy. Silver dipped 0.2% to $25.51 an ounce. Platinum rose 0.3% to $1,079.21, while palladium eased 0.2% to $2,388.78.