PRECIOUS-Gold off 2-week high as investors book profits

PRECIOUS-Gold off 2-week high as investors book profits

Reuters  | Jan 21, 2021 09:50

PRECIOUS-Gold off 2-week high as investors book profits

Jan 21 (Reuters) - Gold eased from a two-week high on
Thursday as investors booked profits after prices jumped in the
previous session on hopes of a massive U.S. stimulus package
under the new Joe Biden administration.

FUNDAMENTALS
* Spot gold XAU= fell 0.1% to $1,868.20 per ounce by 0110
GMT, after hitting its highest since Jan. 8 at $1,871.75 earlier
in the session. Bullion had gained 1.7% on Wednesday.
* U.S. gold futures GCv1 gained 0.1% to $1,868.50.
* U.S. President Joe Biden signed a string of executive
orders, shortly after being sworn in on Wednesday to jump-start
the government's response to the coronavirus
pandemic. * Gold is considered a hedge against inflation that can
result from stimulus measures.
* The United States surpassed 400,000 deaths due to COVID-19
on Wednesday, while Britain reported a record daily number of
deaths. * The World Health Organization plans to approve several
COVID-19 vaccines from Western and Chinese manufacturers in
coming weeks and months. * The European Central Bank will keep its easy money policy
unchanged on Thursday but hold the door wide open to further
stimulus as the spreading second wave of COVID-19 dims an
already weak outlook. * British inflation gathered speed in December, starting
what is expected to be a climb this year as pandemic-fighting
measures, Brexit and a recovery in the economy combine to push
up costs for consumers and businesses. * Silver XAG= shed 0.2% to $25.75 an ounce. Platinum
XPT= eased 0.5% to $1,103.51, while palladium XPD= gained
0.3% to $2,379.28.

DATA/EVENTS (GMT)
0745 France Business Climate Mfg Jan
0900 US Philly Fed Business Indx Jan
1245 EU ECB Refinancing Rate Jan
1245 EU ECB Deposit Rate Jan
1330 US Housing Starts Number Dec
1330 US Initial Jobless Clm Weekly
1500 EU Consumer Confid. Flash Jan

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