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Gold rises as dollar softens; U.S. Senate vote on increased aid eyed

· Gold prices rose on Tuesday as the dollar eased, while investors kept a close watch on a U.S. Senate vote on increased pandemic aid checks to individuals.

· Spot gold rose 0.5% to $1,880.06 per ounce by 0108 GMT, after closing slightly lower in the last session. On Monday, the metal had climbed as much 1.3% after the passage of a near $900 billion U.S. stimulus package.

· U.S. gold futures were up 0.1% to $1,882.20.

· The Democratic-led U.S. House of Representatives voted in favor of President Donald Trump’s demand for $2,000 Covid-19 relief checks on Monday, sending the measure on to an uncertain future in the Republican-controlled Senate.

· Gold, seen as a hedge against inflation, has gained more than 24% this year, largely driven by a raft of stimulus measures unleashed to mitigate the impact of the pandemic.

· The distribution of an initial 200 million doses of the Covid-19 vaccine developed by Pfizer and BioNTech across the European Union will be completed by September.

· Hedge funds and money managers raised bullish positions in COMEX gold and silver contracts in the week to Dec. 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday.

· Holdings in SPDR’s Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.2% to 1,169.86 tonnes on Monday from 1,167.53 tonnes on Thursday.

· China’s net gold imports via Hong Kong rebounded about 82% in November after a plunge in October, Hong Kong Census and Statistics Department data showed on Monday.

· Gold Price News and Forecast: XAU/USD slides back to lows above $1870

Gold Price Analysis: XAU/USD slides back to lows above $1870

Spot gold (XAU/USD) prices are over $6 lower on the day or down around 0.4% and trading close to lows of the day in the $1870s heading into the Monday FX close at 22:00GMT. To the downside, the 50-day moving average at $1869.77 has helped provide support and ensured that the losses haven’t been even deeper, but mild gains in the US dollar have broadly kept spot gold prices on the back foot.