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Gold Trades Steady as Markets Wait on Brexit, US Stimulus Developments

On Thursday, gold prices remain mostly unchanged as the optimism in vaccine supporting the risk-on sentiment was tempered by uncertainties around Brexit negotiations and the lack of progress towards the next round of stimulus measures in the US. At the time of writing, GOLD is trading at a little above $1,839.

Markets continue to trade optimistic over developments on the vaccine front as Britain began rolling out Pfizer’s vaccine earlier this week. Canada has also granted approval for the Pfizer-BioNTech vaccine, and traders are expecting the US to approve the vaccine for rollout soon as well.

Meanwhile, discussions between bipartisan lawmakers in the US Congress failed to reach a consensus towards finalizing the coronavirus relief package even though they did manage to pass a stopgap funding bill that buys them some more time. Gold gains whenever more stimulus measures are announced, and a failure to agree on the next round of financial aid is keeping the yellow metal under some pressure for now.

However, gold enjoys some support over Britain and EU’s failure to come to an agreement over a post-Brexit trade deal despite several round of discussions. With only a few days left until the end of the transition period, leaders of both regions have given a deadline of Sunday by when they have to finalize the deal, although major differences still remain.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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