A number of gold bars are proven being held.
Akos Stiller | Bloomberg | Getty Pictures
Spot gold was up 0.2% to $1,840.56 per ounce, recovering from its lowest since Dec. 2 at $1,809.90 hit on Monday. U.S. gold futures gained 0.5% to $1,839.70.
In her confirmation speech, Yellen is expected to affirm Washington’s commitment to market-set currency rates.
“The dollar is going to decline substantially and that’s going to help gold prices dramatically in the near future.”
The dollar index slipped from a four-week high hit in the last session, making bullion cheaper for holders of other currencies.
Investors also await U.S. President-elect Joe Biden‘s inauguration on Wednesday, and safety measures have been stepped up within the gentle of the Jan. 6 assault on the U.S. Capitol.
With Yellen anticipated to bolster the case for extra fiscal stimulus, U.S. stock index futures additionally rose.
“So long as we get this momentum (in equities) on the upside, it makes gold costs comparatively commerce inside a spread,” Sica mentioned, including the chance of extra stimulus was very optimistic for gold.
“World central bank members are cognizant that though fairness markets are doing effectively, the underlying financial system remains to be very weak and stimulus measures are wanted,” mentioned Michael Langford, director at company advisory AirGuide.
Silver eased 0.4% to $25.24 an oz, platinum gained 0.9% to $1,089.30 and palladium was regular at $2,370.73.