The gold price initially fell further on Thursday from its close two-week high of $ 1,639.18 per troy ounce mid-week, falling to a low of $ 1,593.00 an ounce. In the further course of trading, the precious metal was able to pick up again and is now trading in positive territory on the day.The U.S. Senate unanimously approved a $ 2 trillion stimulus package to fight the economic impact of the corona pandemic.
Before the legislative package can come into force, the US House of Representatives must approve and sign US President Donald Trump.The package of measures includes, among other things, an expansion of unemployment insurance, support for the health sector and countries particularly affected by the corona virus, loans to companies and direct payments to most taxpayers.
Multi-billion USD stimulus package
Adults are said to receive $ 1,200, children $ 500.While the multi-billion dollar US economic stimulus package gives investors hope that the economic effects of the corona crisis will be overcome, the continuing spread of the viral disease around the world warns of caution. Almost half a million people worldwide are proven to be infected with the virus. In the United States, New York has become an epicenter.
The biggest downside risk (for gold) is that the violent sell-offs in the stock markets can repeat themselves, “quotes the investing finance portal Craig Erlam, an analyst at Oanda. Around 11:00 a.m.CET, gold is up 0, 12 percent at $ 1,611.70 per troy ounce.