Precious metal prices were mixed on Monday. COMEX gold futures closed down 0.32 per cent at $1877.2 an ounce, while COMEX silver futures closed up 1.98 per cent at $26.42oz. Trump's signing of the stimulus bill has had a limited impact on the market, but the rebound in the dollar index has suppressed the price of gold. But base metals remain strong to support silver prices.
U.S. president Donald Trump changed his mind over the weekend and signed a bill that includes $900 billion in aid to consumers and small businesses. The US House of Representatives voted to increase the amount of personal cheques for epidemic relief from $600 to $2000. The signing of the economic bill gave a limited boost, as the stock market rose and the dollar rose slightly in intraday trading, eventually pushing gold prices lower and gold futures closed slightly lower. The dollar index fell 0.3 per cent at one point after Mr Trump signed the pandemic bailout bill, but a sharp fall in sterling and weakness in emerging market currencies boosted the dollar, boosted by demand and rose slightly. Fauci warns of a surge in infections in the United States after Christmas and New year. It is reported that the EU government may formally approve the trade agreement between Britain and the EU on Tuesday.
On the data side, the Dallas Fed Business activity Index for December was 9.7, lower than the previous value of 12 and expected for 10.2. The background of the global policy of low interest rates and strong quantitative easing will not change easily, and market expectations of rising inflation will increase, coupled with the continued disturbance of the epidemic, we believe that precious metal prices will maintain a high volatility trend, New Year's Day holiday is approaching, it is expected that market trading is light, it is appropriate to wait and see for the time being.
