Gold Prices Mixed As Dollar Declines
Gold prices were mixed on Tuesday and the dollar slipped as investors fretted over an uncertain economic outlook and ongoing political wrangling over a U.S. relief plan.
Spot gold edged down 0.1 percent to $1,975.78 per ounce, while U.S. gold futures were up 0.3 percent at $1,980.80.
With many countries extending lockdowns to curb the coronavirus pandemic, the chances of any economic rebound reversing course have risen.
As White House officials and congressional Democrats seek to compromise on another stimulus package, Charles Evans, the Chicago Federal Reserve president, said on Monday that fiscal policy is really fundamental for getting the economy going.
Amid growing talk that a deal won’t be reached until September, St. Louis Fed President James Bullard said separately that he was optimistic a deal could be reached.
U.S.-China tensions also remain on investors’ radar after U.S. President Donald Trump said he will ban popular Chinese-owned video app TikTok in the United States unless a tech company such as Microsoft buys it.
China will not accept U.S. theft of TikTok, the China Daily newspaper said today.
In another development, the editor of a newspaper published by China’s ruling Communist Party’s People’s Daily said that Beijing would retaliate if all Chinese journalists based in the United States are forced to leave the country.