Gold Eases On US Stimulus Hopes

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Gold prices held steady on Friday as rising Covid-19 cases in the U.S. as well as signs of progress on U.S. economic stimulus talks helped lift the allure of the safe-haven metal.

Spot gold was down 0.9 percent at $1,835.90 per ounce, while U.S. gold futures were down 0.5 percent at $1,840.60.

The United States has set a new world record for the number of coronavirus cases and hospitalizations reported in a single day.

The country recorded more than 14 million confirmed infections as of Thursday with over 100,000 patients hospitalized for the first time, in a sign that the virus is spreading at an alarming rate.

California Governor Gavin Newsom announced plans for a regional stay-at-home order and warned of widespread lockdowns across the state to contain the pandemic.

The dollar eased as a bipartisan, $908 billion coronavirus aid plan gained momentum in the U.S. Congress, with conservative lawmakers expressing their support.

U.S. House speaker Nancy Pelosi and Senate Democrat leader Chuck Schumer said they “could come to an agreement” based on the $908bn (?674bn) plan devised by a bipartisan group of lawmakers.

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

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