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(Bloomberg) — Gold held a drop as investors weighed progress on the roll-out of vaccines against the prospects for a U.S. spending package and possibility of further action from the Federal Reserve at its last meeting of the year.A bipartisan group of lawmakers delivered details of a $908 billion relief package, splitting it into two parts in recognition of deep differences over state aid and a liability shield for employers. With Joe Biden now confirmed as president by the Electoral College, leaders in Congress need to find a way to get one or both parts through the House and Senate before the last of the relief provisions from earlier stimulus expire at the end of the year.Bullion’s path in recent weeks has been dominated by global developments on vaccines and prolonged stimulus talks in the U.S., with prices heading for the first quarterly loss since 2018. Still, the precious metal may get some support after the Federal Reserve meets Tuesday and Wednesday, with markets widely expecting to get fresh guidance on its asset-purchase program.“Prices are looking vulnerable again but should once again be saved by the Fed,” said Edward Moya, senior market analyst at Oanda Corp. “Economic scarring will undoubtedly make it easier for the Fed to continue to provide more accommodation and that could make many traders want to jump back in.”Spot gold was little changed at $1,826.47 an ounce at 8:46 a.m. in Singapore, after a 0.7% drop on Monday. The precious metal remains about 20% higher this year after hitting a record in August. Silver, platinum and palladium were steady. The Bloomberg Dollar Spot Index was flat after losing 0.2% Monday.The first Covid-19 shots were administered by U.S. hospitals Monday, the initial step in a drive to immunize millions as deaths top 300,000. At the same time, New York is headed toward a second full shutdown if hospitalizations continue at their current pace, Governor Andrew Cuomo warned.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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“Inflation is coming and it will have ‘Made in Asia’ stamped all over it’, says Richard Cookson on Bloomberg. The continent’s economy is ‘humming’, driving a boom in the price of commodities such as copper. Expect inflation to ‘pick up both soon and sharply.’”