BREAKING: Gold Soars Past $2,000, Gold Up On Stimulus Hopes

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BREAKING: Gold Soars Past $2,000, Gold Up On Stimulus Hopes

Kitco News reports:

NEW YORK (Reuters)Gold surged past the $2,000 mark on Tuesday after Democrats and the White House appeared closer to agreement on new stimulus to help the coronavirus-hit economy while stocks on Wall Street traded mixed as investors awaited more aid from Washington.

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Oil prices also rose on the prospect of more stimulus but Treasury yields fell to their lowest since March on safe-haven demand and concerns about the ultimate cost of aid.

Markets have lost confidence that Congress will approve enough stimulus to provide adequate benefits, leading the Federal Reserve to boost its balance sheet, said Lee Ferridge, head of North America macro strategy for State Street Global Markets.

“It all falls back on the Fed, that is what’s driving this,” Ferridge said. “Gold is outperforming, Treasuries are outperforming. It’s all about the debasement of the dollar.”

Gold prices breached the psychological $2,000 level for the first time, propelled by hopes Washington will approve more stimulus to combat the economic toll of the still spreading pandemic.

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