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Gold eases as dollar steadies, US stimulus hopes fade

Thu Oct 15 2020

 

Gold prices fell on Thursday, weighed by a steady dollar and fading chances of a new U.S. fiscal stimulus package being finalised before the November elections.

 

FUNDAMENTALS

Spot gold fell 0.4% to $1,893.17 per ounce by 0108 GMT.

 

U.S. gold futures were steady at $1,896.60.

 

The dollar index drew support from rising coronavirus cases and scant progress towards the U.S. stimulus deal.

 

U.S. Treasury Secretary Steve Mnuchin said he and House of Representatives Speaker Nancy Pelosi were "far apart" on another coronavirus economic relief package, and that a deal would be hard to reach before the Nov. 3 elections.

 

With surging cases, European nations are closing schools, cancelling surgeries and enlisting student medics as overwhelmed authorities face the nightmare scenario of a COVID-19 resurgence at the onset of winter.

 

The European Union and Britain are set to prolong Brexit talks past a mid-October deadline to try bridge stubborn gaps holding up a new trade agreement, according to sources and documents.

 

The world's mines will produce 3,368 tonnes of gold this year, down 4.6% from 2019 and the lowest in 5 years, but high bullion prices will help to push up output by 8.8% to a record 3,664 tonnes in 2021, consultancy Metals Focus said on Wednesday.

 

Silver fell 1% to $24.05 per ounce, platinum eased 0.3% to $854.59 per ounce, and palladium was down 0.1% at $2,342.83.

 

Source: Reuters