Gold Extends Losses On Dollar Strength

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Gold prices eased on Tuesday and the dollar maintained its bullish bias as a new coronavirus strain shut down much of Britain and sparked worries about a slower economic recovery.

The long-awaited U.S. stimulus bill was passed overnight in the Senate, helping limit the downside for the precious metal.

Spot gold slid 0.1 percent to $1,874.22 per ounce, after having fallen as much as 1.3 percent on Monday. U.S. gold futures were down 0.2 percent at $1.879.05.

More than 40 countries have banned U.K. arrivals amid fears over the coronavirus mutation that was first identified in Britain.

The new virus strain has also been detected in other countries, including Australia, the Netherlands and Italy.

The U.S. Senate voted 91-7 late Monday to approve both the coronavirus aid package and a full-year spending bill that will fund federal government activities through September 2021.

The House of Representatives passed the package earlier on Monday. The bill now heads to the White House, where President Trump is expected to sign it into law.

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

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