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Gold firms on dollar slide, U.S. stimulus hopes

Category: Economy

Date: 2020-10-01T09:01:50+0000
Gold firms on dollar slide, U.S. stimulus hopes

Shafaq News / Gold edge up on Thursday as a softer dollar and signs of progress in negotiations over fresh U.S. stimulus measures bolstered the metal’s appeal.

Spot gold rose 0.4% to $1,892.23 per ounce by 05:55 GMT, starting the new month on a positive note after it slumped to its biggest monthly drop since late 2016 in September.

U.S. gold futures inched 0.2% higher to $1,899.80 an ounce.

The dollar index slipped 0.2% against its rivals to hover near a one-week low, making gold less expensive for holders of other currencies.

U.S. Treasury Secretary Steven Mnuchin on Wednesday said talks with House Speaker Nancy Pelosi “made a lot of progress” on the long-awaited COVID-19 relief legislation.

Among other precious metals, silver rose 1.8% to $23.64 per ounce. Platinum hit a more than one-week high of $904.15 per ounce.


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