Gold Steadies With Traders Weighing Lower Dollar, Growth Outlook
- Dollar falls while stocks and Treasury yields advance
- U.S. Treasury nominee urges lawmakers to ‘go big’ on aid
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Gold was little changed as investors assessed a decline in the dollar against bets that the incoming U.S. administration will use its legislative firepower to boost economic growth.
U.S. Treasury Secretary nominee Janet Yellen said in a Senate confirmation hearing that help for the unemployed and small businesses would provide the “biggest bang for the buck,” and urged lawmakers to “act big” in efforts to rescue an economy battered by the coronavirus. U.S. equities pushed toward all-time highs and U.S. Treasury yields advanced, eroding demand for gold, which doesn’t offer interest.