World News – US – Gold climbs nearly a week after dollar decline and optimism


Gold hit its highest level in nearly a week on Tuesday as the dollar weakened and hopes of further fiscal stimulus for the US economy rose, ahead of the first debate American presidential

Spot gold gained 09% to $ 1896 96 an ounce at 1:58 pm EDT (1758 GMT), while US gold futures stabilized 11% at $ 1903 20

« As we see better prospects for a stimulus, we understand that there is a tendency to weaken the national currency, in this case weaken the dollar and support gold and silver, » said David Meger , Director of Metals Trading at High Ridge Futures

At this point, US Treasury Secretary Steve Mnuchin and House of Commons Speaker Nancy Pelosi « slowly agreeing on second stimulus package is obviously a favorable environment, » he added

Pelosi said on Tuesday she hoped to secure a coronavirus aid deal with the White House this week, after speaking with Mnuchin

It comes after Pelosi said on Monday that Democratic lawmakers unveiled a new $ 2 trillion coronavirus relief bill

Gold, seen as a hedge against inflation and currency depreciation, has gained 25% so far this year, supported by monetary stimulus from major central banks and governments

To help bullion, the dollar fell 04% against a basket of other major currencies as markets awaited the first presidential debate between President Donald Trump and his Democratic rival Joe Biden at 9 am ET (0100 GMT )

« The trend may be reversing slightly in favor of gold, » said James Steel, chief precious metals analyst at HSBC in a note

« As the market focuses more decisively on the US election and the uncertainty this election cycle brings, it looks like gold and silver have been given a reprieve after the heavy sell-off this week last « 

Rose-silvery 26% to $ 24 33 an ounce, platinum climbed 1% to $ 887 73 and palladium was 25% higher at $ 2311 07

Gold, Donald Trump, Steven Mnuchin, Nancy Pelosi, gold as an investment, Joe Biden, oil, the debate, the central bank

News from World – United States – Gold climbs nearly 1- week higher on dollar slide, stimulus optimism



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