Gold slipped on Thursday from a more than one-week high hit in the last session, as the dollar recovered some lost ground after doubts emerged whether an agreement on a new U.S. fiscal coronavirus aid package could be reached before the election.
Spot gold fell 0.6% to $1,913.45 per ounce by 09:13 am, after hitting its highest level since Oct. 12 at $1,931.01 on Wednesday. U.S. gold futures were down 0.7% to $1,916.00 per ounce.
Stimulus talks between U.S. lawmakers faced a setback on Wednesday when President Donald Trump accused Democrats of being unwilling to craft a compromise on aid, despite reports of some progress earlier in the day.
The news dented risk sentiment and lifted the dollar against its rivals, making gold more expensive for holders of other currencies.
Underscoring the need for additional fiscal support, U.S. Federal Reserve Governor Lael Brainard said the economic recovery is uneven and uncertain and will require continued support to ensure it becomes broad-based and sustainable.
Elsewhere, silver fell 1.1% to $24.79 per ounce, platinum dropped 0.2% to $884.56 and palladium was down 0.1% to $2,403.69.
04 Dec 2020 04:48 PM
India's benchmark stock index retreated to close above 45,000 points for the first time ever as the RBI upgraded its GDP target for the current fiscal year and kept interest rates steady amid high inflation.
04 Dec 2020 03:57 PM
Indian rupee stayed higher tracking uptick in regional peers
04 Dec 2020 11:51 AM
Indian equities touched record highs after the RBI kept interest rates steady due to high inflation, and retained its accommodative monetary policy stance
04 Dec 2020 11:35 AM
Yuan rose to a fresh 2 1/2-year high against a weakening dollar, despite fresh signs of tension between the US and Chinese economy.
04 Dec 2020 11:01 AM
Gold prices strengthened and are on track for their first weekly gain in a month, as growing optimism over a U.S. fiscal stimulus deal pressured the dollar and boosted Gold appeal as an inflation hedge.
04 Dec 2020 10:44 AM
Indian rupee was trading at 73.73/73.74 compared to 73.90/ 73.91 in the previous session, as the Dollar Index continued to decline in anticipation of the U.S. monthly non-farm payrolls report.