Gold rose slightly on Wednesday, but remained under pressure after President Donald Trump threatened not to sign the long-awaited coronavirus stimulus package.
At the beginning of the European session, gold spots traded stable at $ 1,866 per ounce, while gold futures were positive at $ 1,870 per ounce (3.45pm Malaysian time).
The rise was driven by the depreciation of the US dollar during today's trading session. The dollar index, which measures the strength of the greenback dollar, is down 0.2% against a basket of major currencies.
At today's Asian session, Trump called on Congress to amend the agreed coronavirus package bill and increase aid to Americans to $ 2,000. Otherwise, he will not sign it.
This indirectly creates uncertainty about the months-long relief package.
However, market expectations for the stimulus package received by Trump remain, as House Speaker Nancy Pelosi expressed Democrats' willingness to approve $ 2,000 direct payments to Americans.
The main obstacle to this amended and approved stimulus package is focused on the readiness of the U.S. Senate which previously refused to accept larger aid package proposals.
