Gold Futures Settle Flat For The Day

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Gold futures failed to hold early gains and ended roughly flat on Friday, as the dollar came off early lows due to a lack of concrete news regarding a new coronavirus stimulus bill.

Continued spikes in coronavirus cases across the world and fresh lockdown restrictions in several countries supported the yellow metal

The dollar index, which had slipped to 92.66, recovered to around 93.00 by mid morning, but eased to 92.79 later, netting a loss of 0.17%.

Gold futures for December ended at $1,905.20 an ounce, up $0.60 from previous close. The contract touched a high of 1,917.30 and a low of 1,895.20 in the session.

Silver futures for December ended higher by $0.034 at $24.675 an ounce, while Copper futures for December settled at $3.1290 per pound, losing $0.0245.

On the stimulus front, there are expectations that the lawmakers will eventually agreen on a deal. However, it looks a bill will unlikely be signed before the upcoming presidential election.

House Speaker Nancy Pelosi has recently suggested negotiations with Treasury Secretary Steven Mnuchin are making progress.

During the final presidential debate Thursday night, President Donald Trump accused Pelosi of stalling a new relief package until after the elections for political purposes.

Trump also claimed that he could get reluctant Senate Republicans to support a broader stimulus bill if an agreement is finally reached.

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

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