Week ahead commodity report: Gold Gains On U.S. Stimulus Bets [Video]

Phil Carr The Gold & Silver Club

Gold climbed 0.7% on Monday as a softer dollar and optimism over a new U.S. stimulus agreement before next month's presidential election lifted demand for gold as an inflation hedge.

U.S. House Speaker Nancy Pelosi said on Sunday that differences remained with the Trump administration on a wide-ranging relief package but that she was optimistic legislation could be pushed through before Election Day.

Gold, which has gained over 26% so far this year, benefits from stimulus, considered a hedge against inflation risks and currency debasement.

Concerns around fresh coronavirus-led restrictions in Europe and elsewhere also bolstered gold's safe-haven appeal.

Elsewhere, silver climbed 2.4% to $24.84, hitting a one-week peak.

Where are prices heading next? Watch The Gold & Silver Club Commodity Report now with Phil Carr for the latest price forecasts and predictions:

Author

Phil Carr

The Gold & Silver Club

Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.

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