Gold gained as the dollar eased following commentary on the U.S. currency, the merits of massive stimulus, and the outlook for trade from President-elect Joe Biden‘s cabinet nominees. Biden’s pick for Treasury secretary, former Federal Reserve chair Janet Yellen, disavowed using exchange-rate policy to obtain a competitive advantage, a difference from Steven Mnuchin, who repeatedly expressed preference for a weaker dollar. At the same time, she did not say she backs a “strong” dollar. Yellen also told the Senate Finance Committee that the slew of state spending was needed to fight the coronavirus pandemic, while ... (full story)