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Friday, October 23, 2020

Gold Faces Weekly Decline As Stimulus Hopes Fade

Gold steadied as the dollar eased on Friday but was still set for its first weekly loss in three as doubts grew over a U.S. stimulus agreement before next month’s presidential election.

Spot gold was up 0.1% at $1,908.72 per ounce by 1204 GMT but down more than 1% so far this week. U.S. gold futures gained 0.2% to $1,913.30.

“The lack of any physical stimulus now until post the U.S. election perhaps saw some liquidation of gold this week,” said Robin Bhar, an independent analyst.

“Gold is pretty much watching what other markets are doing, it doesn’t really have too much of a catalyst itself to move significantly higher, and equally not much of a catalyst to move significantly lower.”

The dollar index was 0.2% lower on the day but still set for a weekly gain, making it more expensive for holders of other currencies to buy gold.

U.S. President Donald Trump said on Thursday he was willing to raise his offer of $1.8 trillion for a relief deal with Democrats in Congress, but the idea was shot down by Senate Majority Leader Mitch McConnell.

“The indecisiveness of the administration in Washington on the stimulus is putting a lot of volatility into our markets,” said Afshin Nabavi, senior vice president at precious metals trader MKS SA.

“Gold is stuck in a range and we need to break above $1,950 or below $1,850 to be able to have a new direction.”

Meanwhile, British Prime Minister Boris Johnson said on Friday it was time to prepare for a no-trade deal Brexit in 10 weeks as the European Union had refused to negotiate seriously.

Silver rose 0.3% to $24.47 per ounce, but was down 3% for the week. Platinum fell 0.5% to $859.73 and palladium slipped 0.8% to $2,334.29.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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