Gold Up Over Weak Dollar, Looks to U.S. Presidential Debate
Gold was up on Tuesday morning in Asia, boosted by a weaker dollar but
avoiding big moves ahead of the U.S. presidential debate and the latest
developments for U.S. stimulus measures.
Gold futures were up
0.24% at $1,886.90 by 12:31 AM ET (4:31 AM GMT). The greenback inched
down on Tuesday after recording its biggest daily percentage drop in a
month during the previous session.
Holdings in SPDR Gold Trust
(P:GLD), the largest gold-backed exchange-traded fund globally, rose
0.16% to 1,268.89 tonnes on Monday.
President Donald Trump and
Democrat candidate Joe Biden will take part in the debate, ahead of the
Nov. 3 presidential elections.
The focus is also back on whether
the Senate will pass the latest relief bill propose by Democrats before
the election. U.S. House of Representatives Speaker Nancy Pelosi said on
Monday that the reduced, $2.2 trillion price tag was a compromise, but
did not indicate when a vote would take place.
Across the
Atlantic, the European Union (EU) and the U.K. began a week-long round
of talks on Monday to iron out a Brexit deal. But both parties warned
that there was still a long road towards reaching an agreement.
On
the COVID-19 front, the number of new COVID-19 cases in the U.S. rose
for the second week in a row in 27 out of the 50 states, adding to
concerns over the health of the U.S. economy. Globally, deaths from the
virus topped one million, with over 33.2 million cases as of Sep. 29,
according to Johns Hopkins University data.
Source : investing.com