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Gold Up, Investors Await Fed Policy Decision

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By Gina Lee

Investing.com – Gold was up on Tuesday morning in Asia, amid concerns over the timing and size of U.S. stimulus measures.

Gold futures inched up 0.05% at $1,856.10 by 11:53 PM ET (4:53 AM GMT).

Republican lawmakers have voiced objections to the expensive price tag for a $1.9 trillion stimulus package proposed by U.S. President Joe Biden earlier in the month. They have counter proposed a smaller plan targeting COVID-19 vaccine distribution.

Democratic Majority Leader Chuck Schumer also threw the proposal’s timing into question, saying that a comprehensive deal could be four to six weeks away.

However, he added that some COVID-19 relief measures could be passed ahead before former President Donald Trump’s second impeachment trial begins in early February. The House of Representatives on Monday delivered to the Senate a charge accusing Trump with inciting insurrection in a speech to his supporters before an attack on Capitol Hill on Jan. 6.

Although Biden is willing to negotiate with Republicans on the package, Democrat control of Congress could mean that a Democrat-only route cold be taken.

Meanwhile, the Senate has voted 84-15 to confirm Janet Yellen as the first female Secretary of the Treasury. Yellen is now expected to move quickly on COVID-19 relief, review U.S. sanctions policy and strengthen financial regulation.

Investors are also focusing on the Federal Reserve’s policy meeting, which opens later today with a policy decision to be handed down on Wednesday.

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