2021.01.1918:31:00UTC+00Gold Futures Settle Notably Higher As Dollar Retreats

Gold prices moved higher on Tuesday as the dollar weakened against most of its peers after comments from Joe Biden's U.S. Treasury Secretary nominee Janet Yellen about fiscal stimulus.

The dollar index, which eased to 90.40, was last seen hovering around 90.55, down nearly 0.25% from previous close.

Gold futures for February ended up $10.30 or about 0.6% at $1,840.20 an ounce.

Silver futures for March ended higher by $0.454 at $25.320 an ounce, while Copper futures for March settled at $3.6335 per pound, up $0.0315 from previous close.

In prepared remarks, Yellen called for additional stimulus to address the impact of the ongoing coronavirus pandemic, arguing the government needs to "act big."

Yellen acknowledged the mounting national debt facing the incoming administration but claimed the benefits of another relief package will far outweigh the costs.

"I think relief that we provide to those who are in the greatest need and to small businesses have the best chance of providing both relief to those who've been so badly affected by the pandemic and creating a great deal of spending per dollar spent," Yellen said during her Senate confirmation hearing. "They'll create jobs throughout the economy."

Yellen said targeting relief for those most in need during the pandemic could help the economy recover in the short term. Among her plans she said additional funding for Supplemental Nutrition Assistant Program (SNAP), extended unemployment insurance, as well as additional stimulus, and relief for small businesses would be key.