Gold Up, Biden’s Plan $1.9 Trillion For COVID-19 Relief

Gold was slightly up on Friday morning, with U.S. President-elect Joe Biden’s unveiling of a massive $1.9 trillion COVID-19 relief plan and Federal Reserve Chairman Jerome Powell’s commitment to keep monetary policy dovish giving the safe-haven asset a boost.

Gold futures went up 0.01% at $1,851.65 by 10:52 PM ET.

Biden unveiled his “American Rescue Plan” on Thursday, which includes a wave of new spending, more direct payments to households, an expansion of jobless benefits and an enlargement of vaccinations and virus-testing programs. However, questions have been raised over how he and his administration plan to foot the bill.

Data released on Thursday showed that the number of initial jobless claims filed in the U.S. soared to 965,000, higher than the 795,000 claims in forecasts prepared by and the 784,000 claims filed during the previous week. The figures confirmed weakening labor market conditions and a worsening COVID-19 situation. Global coronavirus cases rose to more than 92.22 million.