Friday, October 23, 2020

Gold Prices Rise To Lower Today?

 The yellow metal traded steady ahead of weekend trading following the recovery of the US dollar from a 7-week low as investors continued to monitor progress in US fiscal stimulus talks.

Entering the European session, gold spots traded around $ 1,907 per ounce, while gold futures traded at $ 1,909 per ounce (3.00pm Malaysian time).

In the previous session, the precious metal fell below the $ 1,900 price level, moving away from a one-week high on Wednesday due to the resurgence of the greenback dollar amid concerns over possible impetus before the election.

House Speaker Nancy Pelosi on Thursday was optimistic that an agreement would be reached soon, saying progress was being made in talks with the White House.

However, White House economic adviser Larry Kudlow warned that there were still significant policy differences that could not be resolved before the election, namely the Republican Senate's opposition to the proposed big stimulus package.

The market will now continue to monitor the latest developments on US stimulus talks in the hope that it will be agreed upon before the upcoming elections in less than 2 weeks.