Gold prices moved higher on Tuesday, extending gains to a third straight session and lifting the front month futures contract to a one-week high.
Slightly weaker stock markets and the dollar’s decline supported the yellow metal. Reports indicating a good progress in stimulus talks in Washington contributed as well to gold’s uptick.
The dollar index slid to 90.50, losing nearly 0.5% from previous close, amid growing optimism over the passage of a $1.9 trillion stimulus package by the U.S. government.
Gold futures for April ended up $3.30 or about 0.2% at $1,837.50 an ounce, the best close since February 1.
Silver futures for March ended lower by $0.170 or about 0.6% at $27.402 an ounce, while Copper futures for March ended higher by 1.5% at $3.7200 per pound.
On the stimulus front, House Democrats have unveiled a proposal providing $1,400 stimulus checks to individuals making up to $75,000 a year and couples who earn up to $150,000 a year.
Those income levels are unchanged from previous stimulus checks, although the proposal would phase out payments faster than previous bills and completely cut off individuals making more than $100,000 and couples making more than $200,000.