Gold Prices Fall As Dollar Rebounds

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Gold prices fell on Thursday and the dollar rebounded from seven-week lows after U.S. President Donald Trump accused congressional Democratic leaders of blocking a new economic relief deal, casting doubt on the prospects of a bipartisan, multitrillion-dollar stimulus deal before Election Day.

Spot gold dropped 0.4 percent to $1,916.95 per ounce, while U.S. gold futures were down half a percent at $1,919.65.

“Just don’t see any way Nancy Pelosi and Cryin’ Chuck Schumer will be willing to do what is right for our great American workers, or our wonderful USA itself, on Stimulus,” Trump posted to Twitter.

Federal Reserve Governor Lael Brainard said on Wednesday that further targeted fiscal support will be needed alongside accommodative monetary policy to turn the K-shaped recovery into a broad-based and inclusive recovery.

Rising U.S. hospitalizations for Covid-19, the death of a volunteer participating in Covid-19 vaccine clinical trials and the growing risk of a dispute election result also offered some support to the dollar.

The FBI said that Iran and Russia had obtained voter registration information and had taken actions to disrupt the election process.

U.S. director of national intelligence John Ratcliffe said that Tehran was already using the information to send threatening emails.

The material has been provided by InstaForex Company – www.instaforex.com

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