Gold prices rise over 1% as focus turns to Joe Biden's administration

By K. Sathya Narayanan (Reuters) - Gold prices rose more than 1% on Wednesday as U.S. Treasury secretary nominee Janet Yellen bolstered bets for another stimulus package under President Joe Biden. Spot gold rose 1.5% to $1,867.06 per ounce by 11:58 a.m. EST (1658 GMT), having touched an over one-week high earlier.

U.S. gold futures rose 1.5% to $1,867.20. "You have a big day in the United States ... Traders are looking forward to Biden's speech coming up, (while) the comments from Yellen are keeping the metals higher,".

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