Gold prices fell on Thursday and the dollar held on to recent gains as downbeat comments from U.S. Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell dashed hopes of a new fiscal stimulus package before the presidential election.
Spot gold fell 0.3 percent to $1,896.56 per ounce, after having risen more than 1 percent in the previous session. U.S. gold futures were down 0.4 percent at $1,900.25.
“I’d say at this point getting something done before the election and executing on that would be difficult, just given where we are,” Mnuchin said during an event hosted by the Milken Institute’s Global Conference on Wednesday.
McConnell announced that the Senate would vote on a “targeted” coronavirus stimulus relief bill when the chamber returns to session next week.
As stimulus hopes fade, gold is drawing some support from rising coronavirus cases in many parts of Europe and escalating U.S.-China tensions.
The European Commission warned today that EU governments were unprepared for the new surge of Covid-19 infections and urged states to adopt a common strategy for the new phase of the pandemic.
“While the evolution of the pandemic is getting back to March levels, our state of preparedness is not,” the EU executive’s vice-president Margaritis Schinas said.
Media reports suggest that the United States Department of State has submitted a proposal for the Trump administration to add China’s Ant Group, an affiliate of e-commerce giant Alibaba Group Holding, to a trade blacklist.
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