Gold Edges Higher As Final Presidential Debate Ends
Gold prices rose slightly on Friday as investors remain optimistic that a U.S. stimulus package would eventually be passed.
Spot gold rose 0.3 percent to $1,910.31 after falling more than 1 percent on Thursday. U.S. gold futures were up 0.4 percent at $1,912.75.
The U.S. dollar weakened after a balanced presidential debate, with President Trump and Joe Biden arguing about handling Covid-19 and reopening the country, the economy, health-care reform and immigration.
On the stimulus front, U.S. House of Representatives Speaker Nancy Pelosi reported progress in talks with the Trump administration for another round of financial aid despite continued opposition from the Republican-controlled Senate.
But White House economic adviser Larry Kudlow cautioned that there were still “significant policy differences” unlikely to be resolved before the election.
Meanwhile, there is increasing evidence that the coronavirus pandemic is worsening in Europe.
According to a Reuters tally, the coronavirus cases reported in Europe more than doubled within 10 days and exceeded 200,000 daily infections for the first time on Thursday.
Both Germany and France saw their daily Covid-19 infections hit new highs on Thursday. A curfew has been imposed from 12:30 a.m. until 5:00 a.m. in Greece.
The U.K., Ireland and other nations have extended their restrictions in a bid to contain the spread of the pandemic.
Spain’s Health Minister Salvador Illa said the spread of coronavirus is out of control in certain parts of the country. Elsewhere, U.S. hospitalizations for Covid-19 have reached a two-month high.
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