2021.01.2009:24:00UTC+00Gold Rises On Dollar Weakness

Gold prices rose on Wednesday and the dollar eased slightly as traders await the swearing-in of Joe Biden as the 46th president of the United States.

A better-than-expected sentiment survey in Germany and dovish talk from Janet Yellen also weakened the dollar.

Spot gold rose 0.7 percent to $1,853.14 per ounce, while U.S. gold futures were up 0.7 percent at $1,852.50.

Investors anticipate more stimulus spending after U.S. Treasury Secretary nominee Janet Yellen backed major fiscal stimulus to help workers and businesses battered by the coronavirus pandemic.

She urged lawmakers to 'act big" on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden.

President-elect Biden has already outlined a $1.9 trillion economic relief package last week to jump-start the economy. He is expected to issue a flurry of executive orders following his inauguration at noon.