Commodities Week Ahead: Virus Surge And Iran Trouble Oil; Gold Keeps Its Shine
In the precious metals corner, with gold having just one week of gains compared with oil’s five, there might be a chance for the yellow metal to extend its run.
In Asian trading Monday, gold for February delivery on New York’s COMEX hovered at nearly $1,845 an ounce, up about $4 or 0.2%.
Some analysts think the most optimistic case for the yellow metal now is a break to $1,880 and beyond. For this, much will depend on how the haven crowd responds to the economic stimulus narrative coming from Biden’s office.
On Friday, Biden called for stimulus worth “hundreds of billions of dollars” to pull the US economy through 2021. Senate Republicans, who did their best to stymie substantial COVID-19 related spending after the first $3 trillion approved under the Coronavirus Aid, Relief and Economic Security (CARES) Act in March, look cornered into agreeing to at least a $908 billion bipartisan deal.
