15.6 C
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

Speak Your Mind


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get in Touch


Recommend for You

Trump Promotes Baseless, QAnon-Endorsed Conspiracy Theory Alleging Obama Staged Bin Laden’s Killing

Topline President Trump promoted a baseless conspiracy theory on Tuesday alleging the Obama administration covered up a plot to stage Osama Bin Laden’s death,...

Dr. Fauci says his kids aren’t coming home for Thanksgiving as Americans ‘sacrifice’ holiday gatherings to stay safe from coronavirus

Director of the National Institute for Allergy and Infectious Diseases Dr. Anthony Fauci testifies before the House Committee on Energy and Commerce on the...

What Is The Scariest Movie Ever? Well, Science Now Has An Answer To That Question

PARK CITY, UT - JANUARY 24: Actress Maika Monroe from "It Follows" poses for a portrait at the ......

Trump Has Said U.S. Is ‘Rounding The Turn’ On Coronavirus 28 Of The Last 46 Days

Topline President Trump has said the United States is “rounding the turn” – or “corner” or “bend” – on the coronavirus pandemic with shocking...

‘Out of control’: European leaders scramble to control the second wave, with a state of emergency and lockdowns

A nurse gets ready to enter a room to take care of a patient infected with Covid-19 at the intensive care unit of the...

Related Articles

Melania Pulls Out Of Campaign Event Due To Persistent...

Topline First Lady Melania Trump on Tuesday will not appear at a Trump campaign...

6-Year Old Kicked Out Of Arkansas Daycare For Wearing...

TOPLINE A family in Russellville, Arkansas, says their six-year-old daughter was kicked out of...

Harley’s activist investor backs business reboot strategy

CHICAGO An activist investor who shook up Harley-Davidson Inc earlier this year...