Gold Up Over Stimulus Hopes

Gold was up on Wednesday morning in Asia, slowly gaining back earlier losses. Gold futures inched up 0.01% at $1,870.50 by 10:47PM ET (3:47 AM GMT).

U.S. President Donald Trump said on Tuesday that he may not sign a COVID-19 bill passed by both the House of Representatives and the Senate on Monday. He called the bill an unsuitable “disgrace,” but stopped short of threatening to veto the legislation.

The threat puts the bill becoming law, which requires Trump’s signature, and the timing of Americans receiving stimulus checks, into disarray. President-elect Joe Biden has said his administration will put forward another COVID-19 relief package early next year but warned that the “darkest days in the battle against COVID-19 are ahead of us.”

More countries continue to impose new travel restrictions to keep the new B.1.1.7 strain of the COVID-19 virus out.

The Philippines banned all U.K. flights from Dec. 24 earlier in the day, joining a list of more than 40 countries shutting their borders to the U.K., where the strain was first seen. The U.K. itself has already imposed a Tier 4 lockdown on London and southeastern England.

Drugmakers are now scrambling to test their COVID-19 vaccines against the new strain. Even with the rollout of two vaccines in the U.S., the country reported the most number of cases for any single country, the World Health Organization said on Tuesday.