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Comex Gold Eases as Dollar Firms; U.S. Election Debate in Focus

23 Oct 2020 7:39 am
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Mumbai (commodities control) - Gold prices dipped on Friday, weighed by a stronger dollar, as investors kept a close watch on the final U.S. presidential election debate and sought further clarity on a coronavirus aid package.

Spot gold fell 0.1% to $1,902.57 per ounce by 0110 GMT, after slipping more than 1% in the previous session. U.S. gold futures were little changed at $1,904.80 per ounce. The dollar index rose against a basket of currencies, dimming bullion’s appeal to other currency holders. U.S. House Speaker Nancy Pelosi on Thursday said negotiators were making progress in talks with the White House over a new coronavirus fiscal aid package and a deal could be reached “pretty soon”. White House economic adviser Larry Kudlow however cautioned that there were still “significant policy differences” unlikely to be resolved before the election. Investors are also watching out for the final U.S. presidential debate that began at 9 p.m ET on Thursday. U.S. data showed that weekly jobless claims dropped more than expected, while home sales surged to a more than 14-year high in September. With time fast running out, Britain and the European Union began intensified daily talks on Thursday, in a final push for a Brexit deal. Strong investor demand for gold will keep prices high and offset the likely slump in demand from jewellers and central banks next year, Refinitiv Metals Research said. Holdings of the largest gold-backed exchange-traded-fund (ETF), the SPDR Gold Trust , fell 0.1% on Wednesday to 40.8 million ounces from Tuesday.

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