Gold prices deepened their global losses by more than $28 during Friday's trading, with the rise in the US currency, and worsening COVID lockdowns worldwide.
US President Joe Biden has taken several executive orders to counter the outbreak of the coronavirus, and European governments have tightened travel restrictions.
Paying $ 1.9 trillion in new stimulus and already signing 20 executive orders aimed at stalling and tackling the pandemic, Biden will sign two more on Friday, both of which boost the flow of interest payments.
Meanwhile, investors awaited the development of the $1.9 trillion stimulus package proposed by Biden.
By the end of trading, the price of gold futures contracts for February delivery fell 1.5% to $1841 an ounce, losing $28.20.
The spot price of the yellow metal also dropped by 1.5%, or the equivalent of $27.87, to reach $1842.15 an ounce.
During the same period, the main dollar index, which measures the currency’s performance against 6 major currencies, rose 0.2% to 90.28.
Follow the latest news on Google News
