Dollar Drops, Gold Benefits
APMEX
12/24/2020 9:15:11 AM
As the Dollar Drops, Gold Rises
Precious Metal markets this week were ruled by the dollar, which weakened. This was the result of continual wrangling over stimulus in Congress and renewed optimism over a Brexit trade deal pushing the European markets up. Gold looks to be finishing the week in the $1,880 to $1,890 range after drops earlier in the week.
Brexit is the big news of the week, with a trade deal all but finalized this morning. In the meantime, the U.K. is dealing with a new strain of COVID-19 which seems more virulent. U.K. government borrowing hit new records this year.
Economic data for the U.S. came out this week for the month of November and spending and income both fell below expectations. This week’s big story for the U.S. is the stimulus bill, which has been shot down by President Trump because he wants higher individual payments. Congress is currently wrangling the details, as a government shutdown is imminent on the 28th.
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