Gold Holds Its Ground as Traders Weigh Stimulus, Equity Selloff
Gold steadied to trade near $1,900 an ounce as investors weighed fading prospects for fiscal aid.
(Bloomberg) -- Gold steadied to trade near $1,900 an ounce as investors weighed fading prospects for fiscal aid before next week’s U.S. presidential election and losses in equities.
Bullion held in a narrow range even as the dollar rose on Monday after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin again failed to close major differences on a fresh package for a U.S. economy facing a renewed surge in Covid-19 cases. The lack of a deal and concern over rising infections saw the S&P 500 Index log its biggest drop in a month.
Spot gold was little changed at $1,903.21 an ounce at 8:07 a.m. in Singapore. Silver rose 0.1%, platinum climbed 0.3% and palladium was steady. The Bloomberg Dollar Spot Index was flat.
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