Golden Scout - Gold Hits 3-Week High; Covid-19 Deal Key for $1,900

Gold prices hit a three-week high on Tuesday settling up for the fifth time in six sessions, racing toward market bulls’ apparent target for $1,900 an ounce on expectations that the U.S. Congress will agree on a new round of spending for the coronavirus pandemic.

Democrats in the House of Representatives and their rival colleagues in the Senate have been trying since the week began to agree on the specifics of a $908 billion bipartisan fiscal relief plan proposed last week.

The two sides still seemed some distance away from a deal on Tuesday as Republican Majority Leader Mitch McConnell tried to drop liability protection and state aid in the package that has been critically important to the cause of the Democrats.

That regress, however, did not stop gold futures from notching a second straight day of gains and the fifth in six sessions since the yellow metal’s last negative settlement on Nov. 30.

In Tuesday’s trade, gold for February delivery on New York’s Comex settled up $8.90, or 0.5%, at $1,874.90 an ounce. It hit a session high of $1,879.75 — a peak in three weeks.

The spot price for gold, which reflects real-time trades in bullion, was up $7.96, or 0.4%, to $1,870.62 by 3:50 p.m. (ET).

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