Gold rises on hopes of U.S., E.U. stimulus measures

Gold rises on hopes of U.S., E.U. stimulus measures

Gold prices rose earlier on Tuesday morning in Asia on the back of renewed hope as the U.S. and the Europe pledged on additional stimulus packages.

In the U.S., another round of stimulus measures is underway in Congress, as previous stimulus plans reach their expiry date in July. In the E.U., leaders have reached upon an agreement for a €750 billion ($857.979 billion) stimulus plan during the E.U. summit earlier in the day.

Gold futures gained 0.12%, trading at $1,819.55 per ounce at 1:40 AM ET (6:40 AM GMT), continuing gains from the previous session and keeping above the $1,800 level.

The yellow metal further gained strength amid fresh hope on news of potential COVID-19 vaccines from various firms.

British drugmaker AstraZeneca and Oxford University both reported on Monday that its potential COVID-19 vaccine have induced immune responses in all study participants that received two doses. Meanwhile, Cansino Biologics along with China’s military research unit, German biotech firm BioNTech, and U.S. drugmaker Pfizer also reported similar preliminary results on the same day.

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