Gold Prices Mixed In Cautious Trade

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Gold prices were mixed on Tuesday after falling sharply the previous day amid strength in the dollar.

Spot gold slid 0.3 percent to $1,906.73 per ounce, while U.S. gold futures were up 0.1 percent at $1,912.25 per ounce.

The dollar hovered near a six-week high against its rivals after staging an impressive rally overnight on fears that European countries will again go into lockdowns.

British Prime Minister Boris Johnson will outline new lockdown restrictions later today to fight the second wave of coronavirus.

Earlier in the day, Bank of England Governor Andrew Bailey downplayed the prospect of negative interest rates in the future.

As escalating Covid-19 cases threaten the economic outlook, the central bank was looking hard at how it could support the economy further, Bailey said in a British Chambers of Commerce webinar.

Fed Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin will speak later in the day at a Congressional panel.

As lawmakers in Washington struggle to agree a stimulus package, Powell will tell the panel that the Fed remains committed to using all tools, for as long as it takes, to limit lasting damage to the economy, according to the text of his remarks released on Monday.

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