Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  Gold       XAUUSD

GOLD

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsMarketScreener Strategies

Gold edges up ahead of key U.S presidential debate

share with twitter share with LinkedIn share with facebook
09/29/2020 | 06:07am EDT
FILE PHOTO: Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain

Gold inched up to touch its highest in almost a week on Tuesday, supported by a pull-back in the dollar, as investors waited for the first U.S. presidential debate and further developments on a new U.S. coronavirus relief bill.

Having risen as high as $1,886.86, spot gold was up 0.1% at $1,883.55 per ounce at 0930 GMT, while U.S. gold futures rose 0.4% to $1,889.30.

The dollar was down 0.2% against a basket of other major currencies ahead of the 90-minute televised debate between President Donald Trump and democratic rival, Joe Biden at 2100 ET (0100 GMT).

"We could see a little bit of strength (in gold) in the medium term but sentiment does appear to have shifted a little bit towards the downside," Michael Hewson, chief market analyst at CMC Markets UK.

Investors appear to be leaning towards U.S. tech stocks rather than gold and with no further action from U.S. Federal Reserve until November, there is no reason to buy it, he added.

The metal has fallen more than 4% this month and is on track for its worst monthly decline since November 2016.

Investors are also keeping close tabs on the prospect for a fiscal coronavirus package with Democratic lawmakers in U.S. House of Representatives unveiling a $2.2 trillion relief bill, although no date was given for a vote on the proposal. A

s long as the (gold) price remains above $1,850-$1,860, the main trend remains positive, while a decline below $1,850 would denote some further weakness, said ActivTrades chief analyst Carlo Alberto De Casa in a note.

The 10% decline in gold prices from August's record high still looks like a significant correction or pause for consolidation, rather than a proper reversal, he added.

Elsewhere, silver rose 0.1% to $23.74 per ounce, platinum dipped 0.3% to $876.50, while palladium edged 0.2% higher to $2,260.55.

By Nakul Iyer


Stocks mentioned in the article
ChangeLast1st jan.
CMC MARKETS PLC -1.19% 333.5 Delayed Quote.127.49%
GOLD -0.20% 1901.174 Delayed Quote.25.56%
PALLADIUM 0.50% 2393 Delayed Quote.22.76%
SILVER -0.36% 24.5975 Delayed Quote.38.53%
THE PLATINUM GROUP PUBLIC COMPANY LIMITED 0.99% 2.04 End-of-day quote.-50.00%
share with twitter share with LinkedIn share with facebook
All news about GOLD
10/23Investors left hanging as stimulus talks drag on
RE
10/23Investors left hanging as stimulus talks drag on
RE
10/23Rio Tinto asks court to OK sale of partner's diamonds in Canada mine
RE
10/23India gold premiums rise as jewellers boost festive stocks
RE
10/23Explosive device kills two gold miners in Niger, sources say
RE
10/23Barrick Gold plans to expand exploration in Tanzania
RE
10/23TSX gains on upbeat wholesale estimates, Corus Entertainment boost
RE
10/23Gold gains on weaker dollar, virus woes ahead of U.S. election
RE
10/23China Shanghai Gold Futures Closing Prices, Volume
DJ
10/22Materials Up On Stimulus Bets, Copper Gains -- Materials Roundup
DJ
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term
TrendsBearishNeutralBullish