Fate of Gold Depends on Biden and Powell

Fate of gold depends on Biden and Powell. Gold investors focused their full attention on Joe Biden and Jerome Powell's speeches today. According to the result of the speeches, the general lines of the course which gold will follow in 2021 will be determined. Gold depreciated on investors expectations that US elected President Joe Biden would reveal the details of the incentive package. Joe Biden will reveal the details of the incentive package at his meeting on Thursday. According to the news compiled by CNN, advisors informed their friends in the US Congress that the package in question would be at the level of 2 trillion dollars. On the other hand, Fed Chairman Jerome Powell is expected to participate in a webinar and explain the inflation, recovery and the reduction in asset purchase program. Gold prices were mixed this week, with investors focusing on bond yields and statements made by Fed officials.   Oanda Senior Market Analyst Edward Moya said in a statement on the matter: “Gold is now tightly stretched, and if Powell and Biden don't disappoint investors, gold could jump higher. While the incentive package will shape the gold markets in the first half of the year, inflation will shape the markets in the second half. Gold traded at $ 1,839.20 per ounce, declining 0.35 percent at 07:52 am. Silver lost 0.2 percent, while the Bloomberg Spot Dollar Index is following a horizontal trend after gaining 0.2 percent on Wednesday.