Gold sees slight price rise amid deflating U.S. dollar

  • 12/29/2020
  • Source: Kitco
  • by: Jim Wyckoff
Gold sees slight price rise amid deflating U.S. dollar
(Kitco News) -  Gold futures prices are slightly up in early U.S. trading Tuesday, getting a bit of a lift from a depreciating U.S. dollar on the foreign exchange market. Still, the safe-haven gold and silver bulls are being constrained by rallying U.S. and global equity markets that see the U.S. stock indexes at record highs. February gold futures were last up $3.00 at $1,883.40 and March Comex silver was last down $0.214 at $26.325 an ounce. 

Global stock markets were mostly up overnight. U.S. stock indexes are pointed toward higher openings and new record highs when the New York day session begins. For the year 2020 the Nasdaq index will gain around 43%, with the S&P 500 gaining around 15%, after it gained 29% in 2019. These numbers underscore how the stock market has really been the only game in town for most investors the past couple years. Easy money from the major central banks of the world during this time has helped propel the global equities markets. Still, many veteran market watchers that have lived through bear markets in stocks wonder when the present bullish and possibly well over-inflated balloon will finally pop.

The stock markets and investor risk appetite this week got a boost from the surprise weekend move by President Trump to sign a Covid-19 aid package for Americans. Then the U.S. House of Representatives on Monday voted to give Americans $2,000 payments instead of the $600 stipulated in the bill signed by Trump. Trump wants the $2,000 payments. Now, it’s up to the Republican-controlled U.S. Senate to agree to the increase, or defy Trump for the first time.
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