Gold Hits New Record High on Weaker Dollar…LIVE NEWS UPDATE BY ROYAL TRADERS


Gold prices hit a record high on Tuesday morning in Asia, supported by a weakening dollar that is driving demand for the safe-haven yellow metal.

Gold futures climbed 0.37% to $1,938.10 by 11:44 PM ET (4:44 AM GMT), surpassing the record of $1,923.70 set in 2011.

Gold prices have been on a relentless climb over the past few months as the COVID-19 pandemic has continued to spread and Sino-U.S. relations have worsened.

On Monday, U.S. Senate Republicans put forward a proposal for a $1 trillion COVID-19 aid package. If passed, the bill will slash by two-thirds supplemental unemployment benefits of $600 a week that expire at the end of the month. The package would include payments of $1,200 as well as loan packages for businesses.

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