Gold Prices Still Calm, Wait Time…

 Gold trading continued to hover near the $ 1,900 ounce price amid a lack of progress in US stimulus package negotiations and a rise in the US dollar.

Hopes to see the deal fade after U.S. Treasury Secretary Steven Mnuchin said the deal was unlikely to take place before next month's presidential election.

Mnuchin said that he and House of Representatives Speaker Nancy Pelosi were still far from reaching an agreement.

At the beginning of the European session, gold spots traded around the price level of $ 1,897 per ounce, while gold futures traded at $ 1,900 per ounce (3.00pm Malaysian time).

However, the long-term outlook for gold remains bullish amid long-term expectations of low interest rates and compounded by the uncertainty of economic recovery due to the resurgence of Covid-19 cases around the world, particularly Europe.

Gold-plated metals, which are considered a hedge against inflation and the depreciation of the currency, have risen 25% this year supported by the implementation of massive stimulus measures by governments and central banks around the world to mitigate the effects of the Covid-19 pandemic on the economy.