News

Gold slips on firmer dollar, ebbing hopes of U.S. stimulus

Gold prices were subdued on Wednesday, as the dollar strengthened, after hopes of U.S. stimulus faded following President Donald Trump’s comment that a deal would likely come after the November election.

FUNDAMENTALS

Spot
gold fell 0.1% to $1,905.51 per ounce by 0103 GMT.

U.S.
gold futures were down 0.2% at $1,908.70.

The dollar index was up 0.2% against rivals, making bullion expensive for those holding other currencies.

Trump on Tuesday said a coronavirus economic relief deal would likely come after the Nov. 3 election, with the White House unable to bridge differences with fellow Republicans in the U.S. Senate as well as congressional Democrats.

Data showed new orders for key U.S.-made capital goods increased to six-year high in September, while the Conference Board said its consumer confidence index fell to a reading of 100.9 this month from 101.3 in September amid concerns about the future.

French President Emmanuel Macron is expected to give a televised address on Wednesday evening, as authorities explore fresh restrictions to curb the spread of the coronavirus.

Britain must spell out how far it wants to diverge from European Union rules if it wants access to the bloc’s financial market from January, a top European Commission official said on Tuesday.

China’s net
gold imports via Hong Kong surged to a six-month high in September, helped by a recovery in demand as economic activity picked up in the world’s top consumer of the metal.

Holdings in SPDR
Gold Trust , the world’s largest
gold-backed exchange-traded fund, rose 0.23% to 1,266.72 tonnes on Tuesday.

Silver fell 1% to $24.30 per ounce, platinum was down 0.1% at $878.15, while palladium rose 0.2% to $2,336.31.

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