Gold prices fell slightly on Monday and the dollar rose against its rivals as investors kept a close eye on currency fluctuations and watched the latest developments regarding a new U.S. fiscal stimulus bill.
Spot gold fell about half a percent to $1,920.87 per ounce, after hitting $1,932.96 earlier in the session. U.S. gold futures were little changed at $1,927.15 per ounce.
The offshore Chinese yuan dropped after the People’s Bank of China scrapped a requirement for banks to hold a reserve of yuan forward contract.
U.S. House Speaker Nancy Pelosi rejected the Trump administration’s latest stripped-down version of the coronavirus relief bill on Sunday, but investors remain hopeful that U.S. lawmakers will eventually pass a new stimulus package.
Elsewhere, European Central Bank President Christine Lagarde is due to speak later today amid expectations that she will give an indication on upcoming interest rates and a stimulus.
Meanwhile, as Italy prepares to introduce new restrictions nationwide to contain the coronavirus pandemic, the European Central Bank’s chief economist, Philip Lane, said the euro zone economy was entering a tougher phase.
U.K. Prime Minister Boris Johnson will address MPs in the House of Commons later today and he may outline a new three-tier strategy for dealing with regional outbreaks of coronavirus.
The material has been provided by InstaForex Company – www.instaforex.com
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