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Gold closes up to $ 31, buying pressure on inflation hedging

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Gold closes up to $ 31, buying pressure on inflation hedging

by limited » Tue Feb 23, 2021 3:02 am

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New York gold futures closed higher tonight (Feb. 22) as investors flock to buy gold as a hedge against inflation. Investors, meanwhile, watched Federal Reserve Chairman Jerome Powell's statement this week for signs of economic conditions, inflation. And the direction of US interest rates
COMEX (Commodity Exchange) gold contract for April delivery It rose $ 31, or 1.74 percent, to $ 1,808.4 an ounce.
Silver metal contract for March slotxo delivery It was 83.1 cents, or 3.05 percent, to $ 28.085 / ounce.
Platinum contract delivered in April. Increased $ 10.8, or 0.84 percent, to $ 1,282.3 an ounce.
Palladium contract delivered in March. It rose $ 22.90, or 1%, to settle at $ 2,392.10 / ounce.
Investors flock to buy gold contracts. Amid concerns about inflation coming from President Joe Biden's $ 1.9 trillion stimulus package.


Also, dollar depreciation caused gold contracts, which are priced in US dollars. It is cheaper and more attractive to investors holding other currencies. By dollar index The dollar's movement index against the six major currencies in a basket of funds fell 0.37 percent to 90.0300 last night.


Investors keep an eye on Federal Reserve Chairman Jerome Powell, who will speak to the Senate Banking Committee today. And announced to the Financial Services Commission of the House of Representatives tomorrow This statement made by Mr. Powell is important. Because investors are worried that A rebound in US government bond yields And the number of inflation signals a sharp rise. May push the Fed to end the monetary easing policy.


In the past, according to tradition The Fed chair is scheduled to make statements to Congress twice a year, the first time in February. And again in June or July
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