By Barani Krishnan
Investing.com - Gold futures traded above $1,900 an ounce on Thursday, the first time since early November, as the Dollar Index tumbled to 32-month low amid expectations that a Covid-19 fiscal aid package will pass the U.S. Congress soon.
By 10:02 AM ET (15:02 GMT), gold for February delivery on New York’s Comex was at $1,900.50, up $41.40, or 2.2%. It earlier scaled $1,901.75. The latest time gold futures traded above $1,900 was on Nov. 6.
The Dollar Index, which pits the greenback against a basket of six currencies, was at 89.69. It was the first time the index had broken below the crucial support since April 2018. Aside from the impact of a coronavirus fiscal deal of more than $900 billion being discussed in Congress, the dollar was also hit by more bond-buying measures announced by the Federal Reserve on Wednesday.