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

GOLD

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

Gold firms on easing dollar, U.S. stimulus bets

10/20/2020 | 02:09pm EDT
A vendor wearing a protective mask arranges gold jewellery displayed at VJ Gold and Diamond jewellery shop in Kuala Lumpur

(Reuters) - Gold edged higher on Tuesday as the dollar weakened and hopes for a U.S. coronavirus aid package ahead of the presidential election boosted bullion's appeal as an inflation hedge.

Spot gold rose 0.4% to $1,912.71 per ounce by 1:53 p.m. EDT (1753 GMT). U.S. gold futures settled up 0.2% at $1,915.40.

"Gold markets are in a wait-and-see mode in regards to the stimulus plan. It would appear that Republicans and Democrats are still at odds over certain topics within the language," said David Meger, director of metals trading at High Ridge Futures.

"However, the market still holds out some hope that some type of stimulus plan could get done ... (Stimulus) is clearly the most important factor for the market in the short term."

U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin "continued to narrow their differences" on the stimulus package, Pelosi's spokesman Drew Hammill said.

Gold, considered a hedge against inflation and currency debasement, has risen 26% this year amid unprecedented global levels of stimulus during the pandemic.

The dollar index slipped 0.4% against its rivals to its lowest since Sept. 21, making gold less expensive for holders of other currencies.

"In the last few days, there hasn't been much volatility on bullion as investors are awaiting new market drivers," ActivTrades' chief analyst, Carlo Alberto De Casa, said in a note.

"Only a clear climb above $1,930 would give new strength to the price," he said, adding that while the bull trend seems to have paused, "it is definitely not yet dead".

Investors are now waiting for the final debate between U.S. President Donald Trump and his Democratic challenger Joe Biden on Thursday.

Among other precious metals, silver rose 1.6% to $24.90 an ounce, platinum jumped 2.6% to $878.95 and palladium gained 2.2% to $2,397.04.

(Reporting by Asha Sistla and Brijesh Patel in Bengaluru; Editing by Marguerita Choy and Bernadette Baum)

By Asha Sistla


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES FXCM DOLLAR INDEX -0.05% 11852.03 Delayed Quote.1.49%
EURO / US DOLLAR (EUR/USD) 0.06% 1.1935 Delayed Quote.-2.27%
GOLD 0.42% 1784.4 Delayed Quote.-6.35%
PALLADIUM 1.09% 2644.5 Delayed Quote.3.85%
SILVER 1.03% 26.093 Delayed Quote.-2.17%
All news about GOLD
09:21aGold Edges Up as the Dollar Weakens on Mixed Economic Reports
MT
08:12aETF PREVIEW : ETFs, Futures on Track for Positive Open as Wall Street Awaits Thi..
MT
07:48aMARKET CHATTER : Jangada Mines Sells Shares in ValOre Metals for C$2.8 Mln
MT
06:33aEUROPEAN MIDDAY BRIEFING : Banks Lead Stocks Higher
DJ
06:31aNORTH AMERICAN MORNING BRIEFING : Stock Futures Tick Up Ahead of Jobless Claims ..
DJ
03:23aPRESS RELEASE  : SunMirror AG strengthens its Management Team with Simon Griffit..
DJ
03:05aMOUNT RIDLEY MINES  : Discovers Poor Haematite Mineralization at Weld Range West
MT
06/23TNT MINES  : Upgrades Mineral Resource Estimate for Eureka Gold Project
MT
06/23Gold on back foot as dollar firms; traders await U.S. data
RE
06/23AUSTRALIAN MINES  : Finds High-Grade Gold in Rock Chips at Flemington Project; S..
MT
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral