Spot gold rose 0.3% to $ 1,848.07 an ounce at 12:54 a.m. GMT, while US gold futures fell 0.4% to 1,847.70 $.
Biden will urge Congress on Thursday to provide immediate pandemic “rescue” efforts before turning to broader “recovery” measures like healthcare and infrastructure, the news chief economic adviser said on Wednesday. administration.
Last week, Biden estimated his economic relief plan would cost “trillions” of dollars.
Consumer prices in the United States rose sharply in December and inflation may temporarily accelerate this year as the government provides more money to stimulate the economy. Gold is considered a hedge against inflation.
US economic activity has grown slightly in recent weeks and a growing number of Federal Reserve districts have seen employment decline as a surge in coronavirus cases has led to more business closures, said Wednesday the US central bank.
The US House of Representatives passed a single impeachment article accusing President Donald Trump of “inciting insurgency,” making him the first president in US history to be impeached twice.
Exchange-traded funds (ETFs) storing gold for investors declined for a second month in December, but nonetheless rose more than ever in 2020 thanks to massive storage earlier in the coronavirus outbreak.
The holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.9 percent to 1,171.21 tonnes on Wednesday. Silver rose 0.8 percent to $ 25.34 an ounce. Platinum climbed 0.4% to $ 1,098.77, while palladium was down 0.4% to $ 2,375.45.