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Gold eases as Dollar retreats from recent lows; investors await U.S. stimulus

Source FxWire Pro Tuesday, 13 Oct, 2020 10:23:18 GMT
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Gold prices declined, extending previous session losses following a slight rebound in dollar, while investors held on to hopes of a U.S. stimulus package being eventually released.

Spot gold declined 0.2 percent to $1,920.92 per ounce by 1003 GMT, having hit a high of $1933.29 on Monday, its highest since September 21. U.S. gold futures were down 0.4 percent to $1,922.35.

The dollar index steadied near a 3-week low against its rival currencies as U.S. stimulus talks in Washington had stalled again, leading the Trump administration to call on Congress to pass a less ambitious coronavirus relief bill.

On Monday, a White House spokeswoman said that Senate Republicans will go along with what President Donald Trump wants in legislation. Trump on Sunday called on Congress to pass a stripped-down bill, as negotiations on a broader package continued to run into resistance.

Investors hope that there will be large U.S. fiscal stimulus after the November 3 election to boost a pandemic-hit economy. A widening lead by Democratic presidential candidate Joe Biden over President Donald Trump is leading investors to expect big stimulus after the election. A Biden victory is likely to weigh on the dollar partly because his pledge to hike corporate tax would reduce returns from investments in the United States.

Meanwhile, a recent spike in coronavirus cases across major economies, including the U.S. and the UK, with worldwide infections crossing 37.68 million further added to the uncertainty over the economic recovery.

Moreover, Beijing’s tensions with Washington renewed after the White House moved forward with three sales of advanced weaponry to Taiwan.

Prime Minister Scott Morrison on Tuesday said that Australia is investigating media reports that China has stopped taking its coal shipments. Trade industry reports late last week suggested that some Chinese ports had been told not to accept Australian thermal and metallurgical coal, and that Australian shipments were being sold along to other markets at the last minute.

The greenback against a basket of currencies traded 0.2 percent up at 93.19, having touched a low of 93.01 on Monday, its lowest since September 21. The U.S. Treasury yields declined, with the benchmark 10-year note yield trading at 0.755 percent and the 30-year yield at 1.546 percent.

Investors are closely watching the global resurgence in coronavirus cases and also await U.S. consumer price index figures due later in the day.

Source: FxWire Pro - Commentary
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