Gold Climbs After House Backs Trump’s Call for $2,000 Checks

  •  Bullion slightly higher after swinging with dollar on Monday
  •  Bill to boost pandemic relief heads to Senate after House vote

Gold ticked higher after the U.S. House passed a bill to boost household checks to $2,000, a proposal backed by President Donald Trump that ramps up the burgeoning cost of pandemic relief measures.

The plan to raise payments from $600 is in line with Trump’s surprise request last week when he threatened to reject the entire spending package. The dollar weakened after the House backed the plan, which would lift spending on household relief by about $464 billion.

Gold is headed for its first monthly gain in five as optimism over coronavirus vaccines gives way to renewed bets on inflation and a weaker dollar. Economic disruption and mounting global stimulus spending has helped carry gold toward its best year since 2010.

Updated on 
— With assistance by Martin Ritchie, and Thomas Biesheuvel

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