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 gains on weaker dollar, virus woes ahead of U.S. election

10/23/2020 | 07:27am EST
Gold bars are pictured on display at Korea Gold Exchange in Seoul

 (Updates prices)
    * Gold up 0.6% this week, silver 2.5%
    * Dollar set to fall about 1% for the week
    * Interactive graphic tracking global spread of coronavirus:
https://graphics.reuters.com/world-coronavirus-tracker-and-maps/

    By Asha Sistla
    Oct 23 (Reuters) - Gold firmed above $1,900 an ounce on
Friday, heading for a weekly gain, as the dollar weakened and as
investors hedged against uncertainties surrounding the
coronavirus pandemic and going into the Nov. 3 U.S. presidential
election. 
    Spot gold        rose 0.4% to $1,911.14 per ounce by 1115
GMT and was up 0.6% for the week. U.S. gold futures        
gained 0.5% to $1,914.10.
    "Gold is getting some boost from the dollar weakening and we
have the U.S. elections and there's still a lot of uncertainty.
Also, there are talks about the U.S. stimulus package in
negotiation," said Bank of China International analyst Xiao Fu. 
  
    The dollar index        fell 0.2% against its rivals, making
dollar-denominated gold less expensive for holders of other
currencies.       
    House Speaker Nancy Pelosi on Thursday reported progress in
talks with the Trump administration for another round of fiscal
aid and a deal could be reached "pretty soon."             
    Even once the U.S. election results were known, "there still
could be uncertainty about policies and implementation running
until the end of the year, in turn supporting gold," Bank of
China International's Fu said.
    There could also be additional inflows into gold exchange
traded funds - often a gauge of investor sentiment - on renewed
uncertainties over pandemic-related restrictions and the U.S.
election outcome, UBS analysts said in a note.
    The final debate between U.S. President Donald Trump and his
Democratic challenger Joe Biden included contrasting views on
the pandemic.             
    Countries across Europe implemented fresh restrictions as
coronavirus cases more than doubled over the last 10 days, while
the global tally touched about 41,178,000.             
    Silver        edged up by 0.1% to $24.78 per ounce and was
set for a weekly rise. Platinum        gained 1.3% to $896.31
and palladium        rose 0.3% to $2,381.39.   

 (Reporting by Asha Sistla in Bengaluru; Editing by Alex
Richardson and David Evans)
  

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.75% 2.7 End-of-day quote.-18.92%
EURO / US DOLLAR (EUR/USD) 0.10% 1.1922 Delayed Quote.6.28%
GOLD -0.08% 1808.75 Delayed Quote.19.25%
PALLADIUM -0.57% 2347 Delayed Quote.21.29%
SILVER 0.32% 23.359 Delayed Quote.30.63%
THE PLATINUM GROUP PUBLIC COMPANY LIMITED -0.79% 2.52 End-of-day quote.-38.24%
UBS GROUP AG -1.12% 13.25 Delayed Quote.9.61%
All news about GOLD
04:34pMaterials Down On Fears About Covid-19 Spread In U.S. -- Materials Roundup
DJ
02:39pPebble Mine Proposal in Alaska Rejected Over Environmental Concerns -- 3rd Up..
DJ
01:27pPebble Mine Proposal in Alaska Rejected Over Environmental Concerns -- nd Upd..
DJ
12:32pGRAPHIC : Have coronavirus vaccines killed the gold rally?
RE
10:57aGold gains as weak U.S. jobless data stems Wall Street optimism
RE
09:08aStock Futures Pause After Dow's 30000 Milestone
DJ
08:20aStock Futures Pause After Dow's 30000 Milestone
DJ
07:30aStock Futures Pause After Dow's 30000 Milestone
DJ
05:43aStock Futures Pause After Dow's 30000 Milestone
DJ
02:31aChina Shanghai Gold Futures Closing Prices, Volume
DJ
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term
TrendsBearishNeutralBullish