Gold Up, Regains Shine Thanks to Softer Dollar, U.S. Stimulus

Investing.com – Gold was up on Monday morning in Asia, bouncing back from the nine-month low hit during the previous session over a softer dollar.

The U.S. Senate’s passage of a $1.9 trillion stimulus package also boosted the bullion's appeal as a hedge against inflation. The stimulus package, passed on Saturday, includes $400 billion in one-time payments of $1,400 to many Americans.

Gold futures were up 0.38% at $1,704.89 by 12:09 AM ET (5:09 AM GMT), after hitting its lowest level since Jun. 8, 2020 on Friday. The dollar was up but fell against the currencies of major commodity exporters over increased investor bets on countries that stand benefit from rising prices for oil, metals, and other goods.