After the excitement yesterday, gold prices start the European Union session in the red zone, where gold moves very sideways at the moment and it is trapped between $ 1875.11 and $ 1840.85, and the reason for those moves is the blurry approval of the US stimulus, as the consultations are still continuing between the two parties to reach Agreement on the amount of the next stimulus package
On Monday, a group of 10 Republicans in the Senate announced the details of their $ 618 billion stimulus proposal intended as a counter-offer to President Joe Biden’s recent $ 1.9 trillion bailout plan, and Republicans have examined Biden’s plan as being too expensive, and they hope. In reducing the cost of the next stimulus package.
After Biden, Vice President Kamala Harris and a group of senators met for nearly two hours, Senator Susan Collins, a Republican from the Middle East, told reporters outside the White House that the meeting was fruitful, and the two sides would continue to discuss aid against pandemics, meanwhile, the White House press secretary noted Jane Psaki said in a statement that despite the areas of agreement between the president and Republican senators – and although Biden favors the passage of the US bailout with bipartisan approval, the option of reconciliation over the president’s stimulus package remains on the table.
Psaki said in a statement that the president also made clear that the US rescue plan is carefully designed to meet the dangers of this moment, and any changes in it cannot leave the nation without its urgent needs.
Earlier on Monday, Senate Majority Leader Chuck Schumer, Democrat from New York and House Speaker Nancy Pelosi, introduced a joint budget resolution, the first step toward passing the pandemic aid bill through the reconciliation process.
Many Americans hoping for significant government spending to help offset the negative economic impact of the coronavirus pandemic may be disappointed, and that the package is small compared to Biden’s proposal and ignores key provisions that Democrats in Congress insisted to include, such as state and domestic funding, and the proposal also cuts impact payments. The economist, also referred to as stimulus checks, shrinks from $ 1,400 to $ 1,000, and shrinks the range of those who will be eligible to receive them.
It is noteworthy that prices stabilized at a low for the first month of 2021, but many analysts are confident that the long-term outlook is still promising for gold, and this comes after an increase of nearly 24% in 2020.
