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Gold prices gradually climb Friday morning suggesting that the precious metal may end the week in the positive territory, which has not happened for quite some time, despite its significant increase in price that occurred earlier. Thus, the rise will be the first in the last four weeks. The reason for the positive was the weak exchange rate of the US dollar, which has been observed in recent days, and, according to experts, the situation will not change in the near future. This gives investors hope that gold will increase its price more significantly.
The price of futures contracts for February delivery on the electronic trading platform in New York rose 0.15% or $2.7, which sent it to $1 843.85 per troy ounce. Support for the precious metal was located around $1,767.2 per troy ounce, and the resistance was $1,848.25 per troy ounce.
The price of silver futures contracts for March delivery also increased by 0.19%. Which sent it to its current level of $24.183 per troy ounce.
On the last working day of the current week, the precious metals market decided to change the negative trend to a positive one, which may even lead it to the first weekly increase, which has not happened for a month. The main part of market participants' optimism lies in the news about the start of the negotiation process for the financial incentive program in the US. Things are moving so fast that it is likely that incentives will be adopted in the near future. This, in turn, negatively affects the exchange rate of the US dollar, since the inflationary risk also increases significantly. However, this situation is only in the hands of gold, since it is precisely the safe haven where investors will seek to save their capital.
The US dollar index against a basket of the world's six major currencies remains at its lowest level in the past two years. Recall that now this indicator has dropped to 90.72 points.
In general, gold was able to increase its value immediately by more than 3% for the current week.
US senators of both parties presented a draft incentive program, which totaled $908 million. It includes expanded support measures for those sectors of the economy that have suffered the most from the crisis associated with the impact of the coronavirus pandemic. At the same time, it is worth noting that Donald Trump, who has not yet removed his power as the US President, also expressed a desire to sign all the papers necessary for making a final decision as soon as possible.
In addition, the precious metal received significant support after the news that the pharmaceutical company Pfizer began to experience difficulties in supplying the vaccine it has developed against the coronavirus, as there are quite serious problems with logistics, which have not yet been resolved. This means that the mass use of the drug in the near future should not be expected. Moreover, the situation is unlikely to change by the end of this year. Recall that, according to preliminary data, the initial supply should amount to 100 million doses, but now this figure has decreased to 50 million doses and may still be adjusted.
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