Gold prices rose on Monday, recovering from a near nine-month low hit in the previous session, as a passage of the long awaited $1.9 trillion U.S. coronavirus relief package boosted the metal’s appeal.
Spot gold rose 0.3% to $1,705.62 per ounce by 0041 GMT, after hitting its lowest since June 8 at $1,686.40 on Friday. U.S. gold futures climbed 0.3% to $1,703.
The U.S. Senate on Saturday passed President Joe Biden’s $1.9 trillion COVID-19 relief plan. Gold is viewed as a hedge against inflation, likely from extensive stimulus.
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