Gold Eases On Improved Risk Sentiment

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Gold prices were moving lower on Tuesday, but the downside remained limited as the dollar weakened on improved risk sentiment.

Spot gold held largely steady at $1,912.28 per ounce, while U.S. gold futures were down 0.1 percent at $1,917.65.

There are signs of recovery in risk sentiment after U.S. President Donald Trump, who is Covid-19 positive, returned to the White House after being discharged from hospital on Monday evening.

Trump was rushed to Walter Reed hospital on Friday after testing positive for coronavirus. After four days of emergency treatment, he checked out of hospital on Monday at 6:30 pm ET. His physician said Trump would continue treatment from the White house.

Trump later tweeted, “Will be back on the Campaign Trail soon!!! Don’t be afraid of Covid.”

On the stimulus front, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke by phone for about an hour about coronavirus relief on Monday, but emerged without an agreement.

They are expected to talk again today, continuing a recent flurry of activity working towards a deal on legislation.

White House Chief of Staff Mark Meadows said on Monday there is still potential to reach agreement.

“Even if a large comprehensive bill is not possible . . . let’s go ahead and pass a number of things that we can agree on,” Meadows said in an interview on Fox Monday morning.

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