Gold and silver have seen a steady climb through the last week with few deviations. At the same time, the US Dollar has weakened, bolstering gold's role as a primary safe haven in the final weeks of 2020. The yellow metal's gains have been driven by a few factors, majorly being, the US COVID relief bill, Fed's policy statement and positive economic data. Gold prices touched a high of $1,900 an ounce and marked a low of $1,820 in the last week. On the other hand, volatility was witnessed in silver as it marked a high of $26.35 and low of $23.75 in the past week.
Patience was a quality greatly demanded from traders over the past week. And for the most part, Congress continued it's back and forth dance over COVID-19 relief bill. US lawmakers have reached a deal on a nearly $900 billion economic stimulus package that includes more relief for small businesses and direct payments to American families suffering in the coronavirus pandemic.
The deal- the second-largest economic relief bill in US history after the $2.2 trillion Cares Act in March- breaks months of deadlock at a time when the US economic recovery has shown signs of faltering. The deal now needs to be approved by the full Democratic-controlled House of Representatives and the Republican-held Senate before being sent to the White House for Mr Trump's signature.
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