Decline of the USD Helped Gold

Decline of the USD Helped Gold Decline of the USD helped gold. Gold prices started to rise with the decline in the dollar. Gold soared with the weakening dollar, investors' attention to the Fed meeting and hopes for a stimulus package. While the markets are expecting a new direction from the Fed regarding the asset purchase program, Senate Majority Leader Mitch McConnell noted that by preventing senators from leaving Washington, he will delay the Christmas holidays until he passes the aid package for the coronavirus epidemic. As gold prices move towards their best annual earnings in the past 12 years, hopes for an extra stimulus package are rising as coronavirus cases increase. Commenting on the issue, Guardian Vaults Business Development Specialist John Feeney said, “Gold prices have risen with the weakening of the dollar, but the price movements do not indicate a change in the short-term downward trend, as we are below the limit on the 50-day moving averages. The Fed meeting could be enough to support gold upwards.” The optimistic atmosphere created by the positive developments in the distribution of the coronavirus vaccine has led to a decrease in interest in the safe harbor. However, regulatory agencies in the USA noted that Moderna's products are safe and effective for those over 18. Gold prices rose 0.19 percent to $ 1,857.17 an ounce at 7:58 am. The dollar, on the other hand, hit its lowest level in the last 12 on Tuesday.