PRECIOUS METALS-Gold Up 1% on hopes of fiscal package in the US

PRECIOUS METALS-Gold Up 1% on hopes of fiscal package in the US

Gold prices rose more than 1% on Monday amid expectations of a major fiscal stimulus package in the United States that boosted the appeal of bullion as a hedge against inflation.

* Spot gold was up 1.4% at $ 1,836.95 an ounce at 1654 GMT, while US gold futures rose 1.3% to $ 1.8136.10.

* House Speaker Nancy Pelosi predicted that the US $ 1.9 trillion COVID-19 relief package could be approved in Congress by March 15.

* The major Wall Street indices hit new peaks on Monday, thanks to investor bets on hopes of a tax relief package and a global distribution of vaccines that will generate a rapid economic recovery.

* The dollar also seemed to be driven by the cryptocurrency market. Elon Musk launched a couple of potential bets that could change the game in the bitcoin market, promising that Tesla Inc. will soon allow the purchase of its electric vehicles in the cryptocurrency and revealing that he had already bought $ 1.5 billion from it.

* Among other precious metals, spot silver was up 2.4% to $ 27.48 an ounce, platinum was up 3.8% to $ 1,166.24 and palladium was down 0.1% to $ 2,334.25 Dollars.

Ben Oakley
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