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.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.