Daily Nuggets: Gold Volatile as Expected US Stimulus Stirs Stocks
Senate majority leader Mitch McConnell said the U.S. package had been agreed upon and would be put to a vote on Wednesday.
Senate majority leader Mitch McConnell said the U.S. package had been agreed upon and would be put to a vote on Wednesday.
The money at stake in the stimulus legislation amounts to more than what the U.S. government spends on national defense, scientific research, highway construction and other discretionary programs.
Analyst: “There’s no longer pressure to sell gold to cover margin calls and also, the U.S. dollar is a bit weaker.”
The 49-46 vote left the sweeping measure short of the 60 votes needed to advance, as the chamber remained deadlocked for a second day.
Analyst: “The market reacted instantly with equities and gold soaring behind the Fed’s new ‘Draghi’ approach.”
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