Gold inches up on weaker dollar, stimulus hopes

Gold prices gained for a fourth straight session on Wednesday, propelled by a softer dollar, while hopes a U.S. stimulus package will be passed bolstered the metal’s appeal as an inflation hedge.

Platinum prices, meanwhile, hit their highest since February 2015 at $1,213.10 an ounce, and the auto-catalyst metal was last up 3.1% at $1,211.68 on expectations of a demand recovery.

Spot gold was up 0.2% to $1,840.96 per ounce at 0944 GMT, U.S. gold futures gained 0.3% to $1,843.40. The dollar slipped to a two-week low against rivals.

“Inflation fears are emerging, especially in the U.S.. With the stimulus intended to pass … (fears are) that this would be too much and spark inflation going forward,” said Quantitative Commodity Research analyst Peter Fertig.

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Gold, silver see price rallies ahead of Powell Speech
KITCO/Jim Wyckoff

Gold and silver futures prices are higher and have hit fresh daily highs in early U.S. trading Wednesday. The two precious metals markets have stabilized so far this week, but traders are still looking for the next catalyst to break prices out of their near-term trading ranges. April gold futures were last up $17.00 at $1,854.60 and March Comex silver was last up $0.168 at $27.555 an ounce.

Global stock markets were mostly higher overnight. China’s Shanghai stock index hit a 5.5-year high, on the last day of trading before the Chinese Lunar New Year holiday begins. U.S. stock indexes are pointed toward higher openings and record highs when the New York day session begins. Upbeat trader and investor attitudes this week continue to drive share prices up, which has also constrained the safe-haven metals bulls. New Covid-19 cases and hospitalizations in the U.S. are declining, vaccinations are ramping up, and the U.S. Congress is likely to pass a big financial stimulus package for Americans by the time spring arrives. Corporate earnings reports have also been generally positive lately.

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After GameStop stock frenzy, ‘very little’ government can do to regulate trading: Former SEC chairman
FOXBusiness/Catie Perry

Pitt weighed in on the backlash Robinhood received after pausing trading on some stocks during the short squeeze. He told FOX Business’ “Mornings with Maria” that trading restrictions are “critical” due to past market collapses and the app had to “comply with the law.”

HARVEY PITT: “I think there’s a lot of misinformation and also a lot of emotion that’s entered into the debate. If you start with the fact that people are entitled to speak their minds about a stock and that’s a guaranteed right under the First Amendment, the only question here is: Were any of the individuals touting GameStop taking steps to try and artificially inflate the price of the stock? So I think it’s a good thing that the SEC has said they will do a complete review and they will try to figure out who was pushing the stock. That’s helpful after the fact. But at the end of the day, unless there’s clear evidence that someone was deliberately trying to influence the price of the stock, there’s very little that the government can do about this.

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