Hopes of New Stimulus Package Helpful for Gold

GOLD

After reaching a low of $1,764 per ounce in early Asian trading today, Gold rallied back to $1,790 before seeing selling. A small selloff in the U.S. Dollar Index and new Treasury Secretary Yellen saying she supports a sizeable Covid-19 relief package was helpful for Gold. Platinum, which climbed to a six-year high earlier in the week saw some profit taking. At 11am PT today, Gold is trading at $1,781 per ounce, up $6 on good volume.

SILVER

Silver reached a low of $26.66 in Asian overnight trading before rallying back over $27 when it hit Europe. By the time Silver reached U.S. markets it was over $27.50 on sizeable volume. Recently, I’m seeing light short-term profit taking right now. At 11am PT today, Silver is up $0.20 per ounce, trading at $27.26 on excellent volume.